CA Fin Code Section 50125

The commissioner may refuse to issue a residential mortgage lender or servicer license if any of the following apply:

(a)

The applicant is not in material compliance with a provision of this division or an order or rule of the commissioner.

(b)

The commissioner cannot make the findings specified in subdivision (c) of Section 50121.

(c)

A material requirement for issuance of a license has not been met.