| Licensed Californian Brokers have
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| | detailed information about your past,
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| undergone extensive training and possess
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| | your prior ten-year work history, and
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| a California Mortgage License. There is
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| | residence with names and addresses. You
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| actually no separate Californian Mortgage
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| | need not take an examination or any
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| License or Californian Mortgage Broker
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| | continuing education courses to get a
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| License. Anyone who has a California Real
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| | Californian Mortgage Broker License under
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| Estate Broker License is automatically
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| | this scheme.
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| licensed to work as a mortgage broker in
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| | You further pay a non-refundable $200
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| California.
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| | application fee and a $100 investigation
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| There are, in fact, two separate ways to
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| | fee. You must obtain and maintain a
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| becoming a mortgage broker in California.
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| | Surety Bond of $25,000 to guarantee the
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| One is through the California Department
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| | license.
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| of Corporations, based on the California
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| | California Mortgage License - Under
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| Finance Lenders Law (CFL). The other is
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| | California's DRE
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| through The California Department of Real
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| | If you have a California Real Estate
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| Estate (DRE).
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| | Broker License, you are automatically
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| If you have been licensed under the DRE,
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| | licensed to operate as a Californian
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| you can perform the normal broker and
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| | Mortgage Broker. This allows you to list
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| negotiating business with banks, thrift
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| | and sell real estate and negotiate loans.
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| and loans, savings and loans, and credit
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| | You can also negotiate first mortgages or
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| unions.
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| | subordinate mortgages.
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| If licensed to perform under the
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| | You cannot automatically broker or
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| Department of Corporations, you can
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| | negotiate a deal in California even if
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| negotiate loans only with mortgage
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| | you are a licensed mortgage broker in any
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| lenders licensed under the CFL.
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| | other state of the union. You still need
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| Here are some details about both the
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| | a California Real Estate Broker License.
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| procedures to get the Californian
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| | You can, however, co-broker a mortgage
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| Mortgage License:
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| | deal and share the commission with
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| California Mortgage License - Under CFL
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| | someone who already has a California Real
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| Law
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| | Estate Broker License.
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| If you are a mortgage broker, licensed
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| | After paying an examination fee of $50,
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| under CFL Law of the California
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| | you'll need to sit for an examination
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| Department of Corporations, you are also
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| | covering all aspects of the real estate
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| known as the negotiator, and as having a
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| | business and real estate financing. Prior
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| Negotiator License.
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| | to this examination, you'll also need to
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| You are only authorized to act as a
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| | have finished two college-level statutory
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| negotiator to negotiate loans made by a
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| | courses. After becoming a California
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| licensed lender under CFL Law. You are
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| | Mortgage Broker, you need to take 45
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| not authorized to make direct loans, nor
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| | hours of approved continuing education
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| authorized to negotiate or broker loans
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| | courses.
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| to institutions authorized to mortgage
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| | When applying for a DRE Californian
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| brokers under the DRE.
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| | Mortgage Broker License, you pay a $165
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| Licenses issued under the CFL Law are
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| | license fee and a $65 fingerprinting fee.
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| neither transferable nor assignable, and
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| | California Mortgage License and Internet
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| may be issued to individuals,
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| | Advertisement
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| Corporations, Limited Liability Companies
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| | Without a Californian Mortgage Broker
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| (LLCs), and partnerships.
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| | License, you may not solicit California
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| When applying for a California Mortgage
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| | residents for mortgage offers failing
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| License under CFL, you need to furnish
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| | which you could be sanctioned by a Desist
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| proof of US citizenship or of your Alien
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| | and Refrain Order.
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| status. You will also need to furnish
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