California has two agencies that offer mortgage and real estate related license: the Bureau of Real Estate (BRE) and the Department of Business Oversight.
Any sale, exchange, negotiation, or solicitation of mortgage loans will require a license in California. A license would be required if, for compensation, a person performs any of the following mortgage related activities:
Below is a summary of the various mortgages related licenses issued in CA.
No | License | Issuing Agency | Scope of Activities | Purpose | Notes | Issued to |
---|---|---|---|---|---|---|
1 | Salesperson | Bureau of Real Estate | Mortgage and Real Estate | For a new entrant into mortgage industry | Must work under a CA licensed broker | Individuals, Proprietorship |
2 | Broker | Bureau of Real Estate | Mortgage and Real Estate | For an experienced professional seeking to set up independent business | Individuals, Proprietorship | |
3 | Corporation | Bureau of Real Estate | Mortgage and Real Estate | For brokers desiring to operate under a Corporation structure | At least one BRE licensed Broker must act as a designated officer | Corporations |
4 | Branch | Bureau of Real Estate | Same as the head office | For branch expansion | Must have CA address | Brokers and Corporations |
5 | RML License | Department of Business Oversight | Mortgage | For corporations performing mortgage activities | Must be approved by at least one federal agency | Corporations |
6 | CFL License | Department of Business Oversight | Mortgage | For corporations performing mortgage activities | Can only broker loans to lenders with CFL license. License does not allow direct originations | Individuals, Proprietorship, Partnerships, LLCs, or Corporations |
Updated: Sep 14, 2013
Comments
comments powered by Disqus