The California Residential Mortgage Lending Act (CRMLA) authorizes licensees to make federally related mortgage loans, to make loans to finance the construction of a home, to sell the loans to institutional investors, and to service such loans. Licensees are authorized to purchase and sell federally related mortgage loans and to provide contract underwriting services for institutional lenders. Licensees are also authorized to broker federally related mortgage loans to institutional lenders. Licensees are authorized to service any federally related mortgage loan regardless of whether they make the loan or purchase a servicing portfolio. Unlike the Real Estate Law and the California Finance Lenders Law, the CRMLA is specifically designed to authorize and regulate mortgage banking activities. An applicant under the CRMLA may obtain a license as a lender, a servicer, or both. Mortgage bankers licensed under the CRMLA may be in the form of a natural person, a sole proprietorship, a corporation, a partnership, a limited liability company, an association, a trust, a joint venture, an unincorporated organization, a joint stock company, a government or political subdivision of a government, or any other entity. 1. Fees: There is an application fee of $900, an investigation fee of $100 and fingerprint processing costs of $62 per person investigated. Fees are not refundable. 2. Regulatory Examination Frequency: Approximately every other year. All licensees must be examined at least once every 4 years. 3. Experience Requirement: There is no testing or examination required. Authority: California Financial Code, Division 20, commencing with Section 50000. California Code of Regulations, Title 10, Chapter 3, Subchapter 11.5, commencing with Section 1950.003.