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.

Final piece of advice: Monitor your credit report and score regularly, to ensure there are no inaccuracies or unauthorized activity. Your credit report and score are the two major methods that creditors and lenders use to make a credit decision about you. Higher scores usually mean lower interest rates, which will save you money.

See All 3 National Credit Scores & 3 Reports Instantly, Online & Free!

Link this QnA Print del.icio.us Digg
Was this Mortgage QnA helpful?
Not at all
  • Currently 1.7/5 Stars
  • 1
  • 2
  • 3
  • 4
  • 5
 Definitely
Add to this Answer

Mortgage QnA is not a common forum. We have special rules:

  • Post no questions here. To ask a question, click the Ask a Question link
  • We will not publish answers that include any form of advertising
  • Add your answer only if it will contrubute to the quality of this Mortgage QnA and help future readers
If you have trouble reading the code, click on the code itself to generate a new random code. Verification Code Above:
Bookmark and share this QnA:

Common misspellings: mortage and morgage