Loan Agent


  • Federally issued and managed by NMLS (National Mortgage Licensing System)

  • Locally regulated by CA BRE or CA DBO

  • Annually renewed by 12/31

  • 2 Types of License

    • Mortgage Agent

      • (MLO, Mortgage Loan Originator)

      • Must work under licensed brokerage and supervised by licensed mortgage broker.

      • Suitable for people focused on sales

      • Annual renewed

      • Be a CA licensed Real Estate agent and get sponsored by a licensed real estate and mortgage company

      • Finish required pre-licensing education.

      • Pass the federal and state mortgage test

      • Submit application and fees.

      • Pass credit, financial and background check

    • Mortgage Broker License

      • Able to open an independent mortgage brokerage

      • Must stay compliance

      • Supervise agent and be responsible for all legal consequences.

Annual License Requirement

As Independent Mortgage Broker

You need to:

  • Satisfy CA BRE requirement for broker and has a commercial business address

  • Finish required pre-licensing education.

  • Pass the federal and state mortgage broker test

  • Submit Company application , Broker Application and pay fees for both Company and individual.

  • Recruit staff for accounting, auditing and operation etc.

  • Recruit team since if there is no team, there will be no means to be as a independent broker with extra cost and more responsibility. Also it’s very hard for a mortgage broker to approved by lenders without enough volume and good history. Without good lenders, it’s hard to keep in competition.

  • Sign up lenders, the more the better lender approved, the stronger the company.

  • Annual License Requirement

  • Need to pass continue education requirement annually by 12/31 of each year

  • Pay renew fees for Company and individual

  • Annual renew for Company and individual

  • Stay compliance with all federal and industrial law and regulation change

Quarterly Operation Requirement

  • Quarterly Mortgage call reports MCR

  • Quarterly Company Financial reports (Profit and Loss, balance sheet etc.)