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