Loan Agent
HOW TO BECOME A MORTGAGE AGENT OR BROKER?
HOW TO BECOME A MORTGAGE AGENT OR BROKER?
- Federally issued and managed by NMLS (National Mortgage Licensing System)
- Locally regulated by CA BRE or CA DBO
- Annually renewed by 12/31
- Need to pass continue education requirement
- Pay renew fees
- Be compliance with all law and regulation change
- 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.
- Mortgage Agent
Annual License Requirement
As Independent Mortgage Broker
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.)