CA AB1950

Extends indefinitely the prohibition on demanding or receiving preperformance compensation from borrowers seeking mortgage loan modifications, and prohibits taking liens, wage assignments, or powers of attorney from borrowers.

Adds requirement that mortgage loan originators obtain a license endorsement, establishing it as unlawful to act as a mortgage loan originator without proper licensing.

Extends the statute of limitations for prosecuting misdemeanor violations related to unlicensed real estate brokers, salespersons, mortgage loan originators, and mortgage loan modification services from 1 year to 3 years after discovery of the offense or completion of the offense, whichever is later.

Applies all prohibitions and enforcement provisions only to mortgages and deeds of trust secured by residential real property containing four or fewer dwelling units.