California Mortgage Broker Bonds

License Overview

When it comes to Mortgage Broker licensing in the state of California the laws are much stricter than other states. They must have at least 2 years experience as a licensed Real Estate agent, complete 8 separate pre-licensing courses, and pass an exam to demonstrate competency.

The Mortgage Broker licenses for California are regulated by both the Department of Corporations and the Department of Real Estate. Between the two departments the Mortgage Brokers are governed by three laws: Real Estate Law, Residential Mortgage Lending Act, and Finance Lender's Law. Brokers get their license from the Department of Real estate and lenders get their license under the Finance Lender Law and the Residential Mortgage Lending Act guidelines.

Bad Credit California Mortgage Broker Bonds

Any applicant with less than perfect credit is encouraged to apply with JW Bond Consultants, Inc. We have a special program that is tailored to meet the needs of applicants that are considered higher risk.

California License Requirements

Age: 18

State Residency: A reciprocal state (state of residency must allow California residents to be licensed in their state.

Experience: 2 years as a California Real Estate Agent with a valid license.

Education: Must attend an accredited institution and meet the pre-licensure requirements (8 courses) and pass the exam.

Continuing Education: Every 4 years you need 45 credit hours of approved coursework.

Net Worth: None

Surety Bond: None for Brokers, $25,000 (California Finance Lender License), and $50,000 for a Mortgage Banker.

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Background Check: Criminal and credit. (Fingerprints are required for employees)

Managing Principle: Tthe person applying for the broker license must be an officer of said company.

California State Licensing Fees

Initial Application: $165 - $225 depending on license type

Branch Location: None

Renewal Application: $165 - $225 depending on license type

Branch Offices:

In State Requirements: Required for intra-state office locations

Licensure Requirements: separate license is required per office

Branch Manager: None

Exemptions:

Entities: Exemptions are provided for any regulated financials institutions, lawyers, securities dealers, consumer finance companies, and securities brokers.

Safe Harbor: No Safe Harbor available.

*This Information for licensing is provided only as a quick reference, make sure you contact the state to verify all information prior to making your application.

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