CA SB657

Expands the definition of "lender" under California's Residential Mortgage Lending Act to include entities and independent contractors who process or underwrite residential mortgage loans, provided they do not solicit loan applicants, originate loans, or fund loans.

Authorizes the Commissioner of Business Oversight to require licensees engaged in mortgage loan processing or underwriting to maintain a minimum tangible net worth greater than $250,000, but not exceeding the amount required of approved Federal Housing Administration lenders.

Maintains the existing minimum tangible net worth requirement of $250,000 for all licensees making or servicing residential mortgage loans, including those employing mortgage loan originators.

Clarifies that "lender" includes both non-natural persons (entities) and natural persons who are independent contractors performing loan processor or underwriter activities.