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California Mortgage Broker Licensing: How To Earn Mortgage Broker License In California

Looking to become a California Mortgage Broker or Loan Officer to serve Los Angeles, San Diego, San Jose, San Francisco, Fresno, Sacramento, Long Beach, Oakland, Bakersfield, Anaheim, Santa Ana, Riverside, Stockton, Chula Vista, Irvine, Fremont, San Bernardino, Modesto, Santa Clarita, and other cities in California ? Then you've come to the right place!

The Mortgage Training Center offers a variety of Tennessee mortgage licensing and training courses to help you earn your California mortgage license or California continuing education credits.

What Do Mortgage Brokers In California Do?

Mortgage Brokers in California are licensed professionals that act as middlemen between lenders and purchasers. The broker works to find a mortgage lender with terms and rates that best fit the customer's needs, then goes through the process of working with the mortgage underwriter to get the loan approved.

What Is The Difference Between A Mortgage Broker And A Mortgage Loan Officer?

Basically, the Mortgage Broker is the business owner and the Mortgage Loan Officer is an employee of the Mortgage Broker. In some instances, like a single-person shop, the Mortgage Broker does the work of the Loan Officer. Bottom line, the Mortgage Broker is responsible for the work output and complying with applicable laws.

What Does A Mortgage Loan Officer Do?

A Mortgage Loan Officer starts the mortgage application process by gathering from potential borrowers the information needed to start that borrower's loan review process. This includes things like W2s, 1099s, bank statements, tax returns, etc.

They are responsible for working with the borrower to complete mortgage loan application, submitting the application to underwriting, following up on any additional information needed or requested from the underwriter, then communicating the loan decision to the potential borrower.

How Do Mortgage Brokers Make Money?

Mortgage brokers make money by dealing with lenders who discount the cost of their mortgage product to allow a mortgage broker the ability to charge a fee by submission of a loan package for funding. This relationship between a mortgage broker and a lender is called wholesale lending.

About The Mortgage Broker Licensing Requirements In California

How To Become A Mortgage Broker In California

Mortgage Loan Officers need to be licensed by the state in which they do business, which means they must complete the pre-licensing education requirements, pass the state and national SAFE / NMLS exam, then take eight hours of annual continuing education courses to maintain their license. Check below for applicable mortgage licensing options, as well as recommended courses to help you succeed once you get licensed.

To Comply With Common Mortgage Regulations

The federal government regulates the mortgage industry through a series of acts passed by Congress. These include:

• Regulation Z / TILA
  The federal Truth-In-Lending Act (TILA) requires that lenders disclose the terms of a mortgage in writing. TILA is designed to protect consumers by ensuring clear disclosure of the key terms of the loan, as well as any costs or fees involved.
• UDAAP
  UDAAP is an acronym referring to unfair, deceptive, or abusive acts or practices by those who offer financial products or services to consumers. Under the Dodd-Frank Act, it is unlawful for any provider of consumer financial products or services or a service provider to engage in any unfair, deceptive, or abusive act or practice.

To Close The Loan

• Appraisal Review Workshop
  By taking this course, you will learn the details on what the industry looks for in these reviews to prevent fraudulent appraisal practices, plus gain the details and a complete understanding of the Sales Comparison Approach, Income Approach, and Cost Approach

• Personal And Business Tax Return Analysis
  Learn to interpret tax returns for both commercial and consumer lending purposes.
• Loan Officer Boot Camp
  Our "Loan Officer Boot Camp" training program provides excellent training for new and experienced Loan Officers - and even includes sales pitches and advanced calculations!

How To Earn Your NMLS Mortgage License In California

You earn your California mortgage license by:

• Applying for an NMLS account and ID number
• Completing your pre-licensing course requirements
• Passing the SAFE licensing exam
• Applying for your license with the NMLS

Get started by selecting a mortgage pre-licensing course from the list below.

How To Earn Your NMLS License In California: Recommended California Mortgage Broker And NMLS License Courses

Mortgage Brokers in California are governed by SAFE Act rules for licensing and registration of mortgage loan originators.

The Mortgage Training Center offers both online and in-person NMLS licensing and NMLS training courses in California. Simply choose your preferred option from the recommended courses listed on this page, or you can choose "NMLS" and your resident state from the "Licensing" section of the search box herein. Good luck earning your California mortgage broker license!