Mortgage Loan Broker License California

An Overview of Mortgage Loan Broker License In California A mortgage loan broker is a rewarding career with great earning potential and flexible working hours. So, how do you become a mortgage broker in California? This post will go through all the details of the types and how to get a mortgage loan broker license in California. Click here to learn more about a mortgage loan broker license in California.

Types of Broker Licenses in California There are three types of broker licenses in California issued by different agencies and with varying requirements to get one. They are: • Finance broker license • Residential mortgage lender license • Real estate broker license. Both the residential mortgage lender license and the finance lender license are issued by the California Department of Business Oversight (DBO). The real estate broker license is issued by the Bureau of Real Estate. This license allows you to work as a mortgage broker. How to get a mortgage loan broker license in California For a finance broker or lender license, apply through the mortgage regulations governing body in the state namely the Nationwide Mortgage Licensing System (NMLS). Along with the application, you must submit a business plan, answers to disclosure questions, and other additional documents.

To become a real estate mortgage broker, you will need a mortgage loan broker license in California issued by the California Department of Real Estate (DRE). The license issued by the DRE requires that you must have two years minimum sales experience in the real estate field within the last five years. This proof of employment must be attached to the application made to the NMLS for a mortgage loan originator license in California. Requirements to get a California mortgage broker license issued by DRE The following requirements must be fulfilled to get a DRE California mortgage broker license. • Submit fingerprints for a mandatory background check. • Complete the pre-licensing education • Appear for and pass the written broker exam after paying a processing fee of $95 • Apply for a mortgage loan broker license in California by paying a fee of $300 If you are an aspiring mortgage broker who will be making loans to residential borrowers instead of only business loans, there is another step to cross. In this case, you must also get an NMLS-issued mortgage loan originator license.

To get this license, you must complete 20 hours of pre-licensing coursework that includes the principles, practices, and financial aspects of real estate. After completing the exam, you have to clear a written exam. The pre-licensing coursework can either be completed online or in a classroom environment. Check out the online course provider RealEstateU courses that have assured quality while being very affordable. After you get your mortgage loan broker license in California, you have to renew it at regular intervals by completing 45 hours of continuing education courses every four years. Get your mortgage broker license in California, it is a very rewarding profession.