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New Articles:
- Hawaii delays NMLS Mortgage Company and LO Licensing
- Colorado Mortgage Companies must now be Licensed
- The SAFE Mortgage Licensing Act
- California DRE now requires Mortgage Loan Originator Endorsement through NMLS
- Washington Adds Servicing Licensing Through NMLSR
Contact Us
For assistance with mortgage licensing, contact us at:Direct Phone: (714) 656-3960
Fax: (714) 829-1444
steven@imlicensing.com
Information herein is for educational purpose only and is not meant to be a complete statement of all state mortgage licensing requirements. Additional State and FHA mortgage licensing requirements may be required. If you need further information, we would encourage you to contact us directly.
California Mortgage Licensing
California is one of the most interesting states for mortgage licensing. California has two different mortgage regulatory agencies and 3 different mortgage license types. All 3 are very different. Here is a quick overview of these license types:DRE brokers can broker to DRE, CFL, RML, state chartered and federally chartered institutions
CFL brokers can only broker to CFL
RML brokers can only broker to RML, state chartered and federally chartered institutions
Mortgage Banker Licensing
Residential Mortgage Lender License
Physical Office Required: No
In-State Officer/ Key Person: No
Minimum Net Worth: $250,000
Surety Bond: $50,000
Loan Officer License: Yes (6 hours of education for brokering)
Branch License: Yes (No cost)
Comments: You will also need a Title II Mortgagee Approval with HUD also known as a Full Eagle in order to apply for an RML License.
Mortgage Broker Or Banker Licensing
California Finance Lender License
Physical Office Required: No
Minimum Net Worth: $250,000
Surety Bond: $25,000
In-State Officer/ Key Person: No
State Initial Fee: $300
Loan Officer License: Yes
Branch License: Yes
Mortgage Broker Licensing
Real Estate Broker Corporate License
Physical Office Required: Yes
Minimum Net Worth: None
Surety Bond: $ None
In-State Officer/ Key Person : Yes
State Initial Fee: $230
Loan Officer License: Yes
Branch License: Yes (No cost)
Education/Experience: 45 hours and 2 years of experience
Regulated by:
Department of Corporations
320 West 4th Street, Suite 750
Los Angeles, California 90013-1105
Fingerprint Status: (213) 576-7690 - Ms. Gonzalez
Person in Charge: (213) 576-7614 - Patricia
Manager: dstopeck@corp.ca.gov - Debbie Stopeck
Reviewer: safong@corp.ca.gov - Steven Fong
Muran Malekag - mmalekag@corp.ca.gov - 213-576-7684
Telephone: (916) 445-7205 - Sacramento
Telephone: (213) 576-7690 - Los Angeles
Fax: (213) 576-7181
http://www.corp.ca.gov
and
Department of Real Estate
320 West 4th Street, Suite 350
Los Angeles, CA 90013-1105
Mortgage Activity Department (NMLS) Phone: (916) 227-0770
Los Angeles Phone Number: (213) 620-2072
Fax to Legal: (213) 576-6917
Sacramento Phone Number: (877) 373-4542
http://www.dre.ca.gov