If you are a resident of California and want to earn big money in the finance niche, the obvious question that you will ask is how do I become a mortgage broker in California? This post will not only answer your question but will go beyond that and explain the process in all its fine details.

Click here to learn more about how to become a mortgage broker in California.

Broker License Types In California

Let us start with the three types of broker licenses available in California.

The first two are finance broker licenses and residential mortgage lender licenses both of which are issued by the California Department of Business Oversight (DBO). The third is the real estate broker license issued by the Bureau of Real Estate which is your gateway to practicing as a mortgage broker.

Steps To Get An MLO License in California.

You must apply through the Nationwide Mortgage Licensing System (NMLS) to get a finance broker or lender license. The NMLS is the body that governs the rules and regulations of mortgage brokers and mortgage loan officers in California.

However, to learn how do I become a mortgage broker in California, you must get a license that is issued by the California Department of Real Estate (DRE). To be eligible for a license, you must have two years of experience in the real estate sector within the last five years. When you apply to the DRE for a mortgage broker license, proof of having completed the mandated years of experience must be attached to the application.

Norms to Get A DRE-Issued California Mortgage Broker License

· Go through the pre-licensing coursework: This is the most important step to getting a license and answers how to become a mortgage broker in California. It is mandated by NMLS that you must go through 20 hours of pre-licensing education covering the various aspects of being a mortgage loan broker. Though both classroom and online courses are available, the latter has more flexibility to study at a preferred pace,

One of the leaders in high-quality online mortgage broker courses is RealEstateU and the most affordable in this niche.

· Submit your fingerprints for a background check of any past criminal records or a history of a felony.

· Schedule a mortgage broker licensing exam with the NMLS by paying a fee of $95. Appear for the exam and pass it.

· Apply for a mortgage broker license by paying a fee of $300.

This completes your “How do I become a mortgage broker in California” process. However, receiving your broker license is not a one-time activity and you must renew it at regular intervals. To do so, it is mandatory to complete 45 hours of continuing education every four years.

Once you get a mortgage broker license in California, you are assured of a very lucrative career.