Question:

How to become a licensed mortgage broker in California?

Answer:

In order to become a licensed mortgage broker in California, one can choose to certify either under the California Department of Corporations, or the California Department of Real Estate.

When becoming a a licensed mortgage broker under the California Department of Corporations, one also obtains a Negotiator certificate. This type of mortgage broker certificate does not allow the holder to make direct loans, nor broker loans to lending institutions; it is possible to obtain by individuals, and larger legal entities - partnerships, or LLCs. Application fees are about $300, and a surety bond of $25,000 is required.

Applying under the California Department of Real Estate, to become a licensed mortgage broker, one has to pay fees of around $300, take basic real estate financing courses and pass the examination. Getting a California Real Estate Broker License makes one a mortgage broker in full capacity to perform real estate transactions, and negotiate first and second mortgages. Fingerprints have to be provided by the licensee, as well by all officers working for the licensee.

A licensed mortgage broker in California needs to maintain an office in California. If you hold a mortgage broker license for states different from California, you cannot broker loans in California. You need to obtain a license, or co-broker with someone who is licensed, otherwise it is not legal.

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Common misspellings: mortage and morgage