Introduction
So you are interested in pursuing a rewarding and enriching career in California’s diverse and dynamic mortgage lending industry.
To become a mortgage broker in California, you must first obtain a state license which will allow you to work with clients legally and offer them guidance and financial services.
When it comes to getting a mortgage broker license, there are multiple license types which you can choose from.
If you are interested in helping individuals secure a mortgage for a new home or for refinancing an existing one, then you should apply for a real estate mortgage broker license.
A mortgage broker license will enable you to act as a mortgage broker and service loans on behalf of lenders to help borrowers who are seeking mortgage financing.
The California law allows only licensed professionals to get employed by financial institutions such as banks, credit companies and private lenders.
If your goal is to build a successful, long-term career as a mortgage broker, you must prepare to obtain your license first.
One of the most important aspects of getting licensed is completing the minimum qualifying education and ensuring you have the required knowledge and skills to work in the industry.
The California Department of Real Estate (DRE) is the state authority for issuing and renewing licenses to professionals and it has established some important requirements.
Let us walk you through what it takes to be a licensed mortgage broker in California and how you can start working as one.
Licensing requirements for a mortgage broker
Firstly, the California law requires every individual to meet the minimum eligibility qualifications to apply for a broker’s license. These are:
You must be at least 18 years of age or older
You must be a legal residence of the state of California
You must have a high school diploma or GED equivalent in education
Next comes the qualifying education requirements which require you to complete a minimum of 20 hours of NMLS approved pre license education and training.
To work as a licensed mortgage broker, you must complete education from a NMLS approved education provider.
The purpose of completing pre license education is to learn about the licensing laws, industry regulations and various federal and state guidelines for professionals.
This is where you can take the help of a leading education provider like RealEstateU and their online pre licensing courses and classes.
Click here to learn more about how RealEstateU can help you complete your education from anywhere while preparing for the next step.
After you have completed 20 hours of NMLS education, you can apply for the California licensing exam. Passing the exam is mandatory for obtaining your broker’s license.
Need some serious lending for your purchase of a home?
If yes, get to us at Mortgage Unlimited; we are a licensed mortgage lending and residential lending services.
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Finding the right property development finance can be exhausting.
There are so many options and decisions to make, from what type of security you need for your property purchase or mortgage application to which lender will offer financing at a reasonable rate with no hidden fees.
Professional Lending Solutions understands that your needs as a developer can be quite different, depending on your experience level and what kind of property you are looking to build.
Whether you’re considering a commercial or industrial development, a residential property development, or even subdividing land, Our Professional lending specialists can help you fund it.Property development finance is a loan that can help you fund the construction of more than one property on one title.
Most banks and lenders split property development into two parts, and both can have very different approval processes, fees and charges, interest rates, and risk assessments.They are:Residential: Most banks and lenders define residential property development as smaller-scale development, often up to four different units.
This kind of mortgage can have standard fees and charges and is the less risky of the two.Commercial: If your property development is greater than four or five residential units, banks and lenders are likely to characterize it as commercial property development.
