I saw a posting online for a mortgage broker, don’t I have to be a loan officer first?
(I am not DRE licensed yet)
In California, there are two separate approaches to becoming a Mortgage Broker, each with its own rules and responsibilities. One is under the California Department of Corporations, www.corp.ca.gov, based on the California Finance Lenders Law (CFL). The other is under The California Department of Real Estate (DRE), www.dre.cahwnet.gov.
Mortgage Brokers licensed under the California Department of Real Estate may perform regular broker and negotiating business with banks, savings & loans, credit unions, and thrift & loans. Mortgage Brokers licensed under the Department of Corporations may only negotiate loans with a lender licensed under the California Finance Lenders Law.
In California, there are two separate approaches to becoming a Mortgage Broker, each with its own rules and responsibilities. One is under the California Department of Corporations, http://www.corp.ca.gov, based on the California Finance Lenders Law (CFL). The other is under The California Department of Real Estate (DRE), http://www.dre.cahwnet.gov.
Mortgage Brokers licensed under the California Department of Real Estate may perform regular broker and negotiating business with banks, savings & loans, credit unions, and thrift & loans. Mortgage Brokers licensed under the Department of Corporations may only negotiate loans with a lender licensed under the California Finance Lenders Law.
References :