William Alston

There are many different types of California mortgage careers. California is one of the busiest states in Real Estate, and many people are interested in obtaining their California Mortgage Broker License. There are two different departments through which someone can become a mortgage broker--The California Department of Corporations and The California Department of Real Estate.

CDC--California Mortgage Broker License

The California Department of Corporations (CDC) is the more restrictive path for a mortgage broker to take, because they must adhere to the California Finance Lenders Law. With a license from the CDC, a mortgage broker can only negotiate loans with lenders licensed under the California Finance Lenders Law.

The California Mortgage Broker License requirements are different depending on the path the applicant chooses. In order to obtain a negotiator's license through the CDC, an applicant must first provide proof of citizenship or alien status. Applicants must also provide a ten year history of their residence and work experience. Applicants are not required to pass an exam nor enroll in extensive continuing education courses. Once the applicant has been licensed by the CDC, the broker is required to maintain a Surety Bond of $25,000.

DRE--California Mortgage Broker Licensing

Going through the California Department of Real Estate (DRE) for California Mortgage Broker Licensing gives a broker more options for conducting business. A broker licensed under the DRE can conduct business with banks, savings and loans, and credit unions. Mortgage brokers can list and sell Real Estate and negotiate secured loans.

In order to obtain a broker's license from the DRE, an applicant must be 18 years old and provide proof of citizenship or alien status. An applicant must also pass an exam on the principles of Real Estate and complete two necessary courses at the college level. Once licensed, the broker must complete 45 hours of continuing education.

Obtaining a Mortgage Broker License though either of these two channels does not equal immediate success. Many new brokers still need education on marketing and management. Many brokers need California mortgage sales training. Some mortgage brokers choose to attend California Mortgage Broker School in order to learn more about these areas of Real Estate.