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California Mortgage Broker License |
Having California Mortgage Broker License is mandatory if you are looking to start selling home loan programs in the state. California is regarded as one of the most beautiful states of the US and it offers a good scope for real estate business. There are two separate ways through which you can become a licensed home loan broker in the state. You can become a licensed mortgage broker either through the California Finance Lender (CFL) or the California Department of Real Estate (DRE). These two departments have certain preconditions and restrictions which are exclusive to each other. It is very important for you to understand both the CA mortgage broker licensing process to make the right choice.
California Finance Lender (CFL)
The California Finance Lender offer a real good chance for those mortgage brokers thinking to run their business by staying outside the state. Under the CFL Broker licensing process, you are not required to hold a physical office anywhere in the state. Home loan brokers are also not required to continue their education or undergo an exam with the department in order to get their license. However, a surety bond of $25,000 is required to be paid by you to the department. In addition, you are also required to pay an amount of $200 as application fee and $100 as investigation fee. After receiving your CFL license, you can start selling home loan programs from lenders who are also licensed only by the same department.
California Department of Real Estate (DRE)
On the other hand, California Department of Real Estate (also known as DRE) does not provide any mortgage broker license however, any person who has a real estate broker license under DRE can also work as mortgage broker with the same license. The requirements under DRE are more stringent than in the case of the CFL. Brokers are also required to maintain an office within the state and they should have a college degree as minimum educational qualification.
Moreover, the brokers should have 45 hours of continuing education after getting their license. It is also necessary for you to pass an exam and have at least 2 years of experience in the mortgage and real estate industry in order to get a broker license from California Department of Real Estate. |
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You are also required to pay $165 for licensing fee and $65 as fingerprint fee. Under the DRE license you can perform as a regular broker and work with banks, credit unions and various other independent lenders.
It is also essential for you to have some idea of the California Association of Mortgage Brokers (CAMB) in order to become a professional broker who is widely known throughout the state.
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| Mortgage News Daily | At Mortgage News Daily, you can get some valuable information on the broker licensing process undertaken in California. Visit the website of the company to get all the latest news on home loan market and the brokers.
Website:http://www.mortgagenewsdaily.com/mortgage_license/California.asp |
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| American Mortgage Licensing | If you are thinking to become a home loan broker in California then American Mortgage Licensing could surely guide you. The company offer you details on the broker requirements prevalent in the state.
Website: http://www.amlicensing.com/ |
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| California License | California License is one the best places to obtain extensive details on how to get mortgage broker license in California. For further details visit the website of the company.
Website: http://www.californialicense.com/ |
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