Hi guys,

A question for anyone in CA who has been through the hoops already.
I'm trying to set up a company license through NMLS. I already have my MU4 (individual account), and it's been approved - I just need to link it to my MU1 (company nmls account). Problem is, i can't figure out what i need. some of these licenses seem to want a 50k surety bond - ok fine, but a net worth of 250k?? how does someone starting out get around that?

Do I want a Finance Lenders Law (CFLL) license? Or just a Residential Mortgage Lending Act (CRMLA) license?
I already have my individual MLO license. from the BRE...can i just "pull it through" the nmls and that will be enough?


I dont want to open any branches...yet.
I'm not employed by a bank
I'm not a money transmittal business
I've got 2 other guys who hate their company and want to come do loans under me, (including myself)
All I care about is ORIGINATING 1st mortages. No refi, reverse mortgages, no servicing of any kind.

is there a way I can do this without having a net worth of 250k? I'm trying to avoid expensive legal consultation if its a simple answer.
..or if someone can at least point me in the right direction.

The way I'm reading it, i have a choice between CFLL and CRMLA, are there any other options?