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