Loan Agent

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.

Annual License Requirement

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