- Finance broker license
- Residential mortgage lender license
- Real estate broker license
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Let’s look more closely at each, to give you a better idea of what you can expect.
Finance broker license
You are required to obtain this if you are making and brokering consumer and commercial loans in the state of California. (There are exceptions.) One limitation of this type of license is that, as a mortgage broker, you are only allowed to broker loans with those holding a finance lender license. In other words, you are not allowed to conduct business with any other type of lenders in California. These include credit unions and banks.
Residential mortgage lender license
A residential mortgage lender license is required if you make or service residential mortgage loans in the state of California. This license enables you to make and service loans. It also allows you to broker loans if they also have a mortgage loan originators license. Residential mortgage lender (RML) license holders can broker to other RML lenders. It also applies to institutional lenders, like federal- and state-chartered institutions.
Real estate broker license
The real estate broker license enables licensees to act as mortgage brokers and real estate brokers in California. Application requirements are different from the previous two licenses mentioned, due to the combined nature of the license. Note: previous experience and an exam are necessary.
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