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.)