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California Mortgage Broker Surety Bonds

Apply Now: California Mortgage Broker Bond

There are three different laws regulating California Mortgage Brokers: the Real Estate Law, the Residential Mortgage Lending Act (also known as the RMLA), and also the Finance Lenders Law. California mortgage brokers are licensed as real estate brokers by the Department of Real Estate. Mortgage Lenders are licensed under the RMLA and Finance Lender Laws. RMLA licensees can only broker loans after they have entered into a written agreement with an institutional lender as well as the borrower. Theses licenses are also limited in the type of loans they may broker, and fee they may impose.

California has pretty strict requirements for licensing when compared to other states. Applicants must have two years experience as a licensed real estate agent, must complete eight courses of education, as well as an exam.

California Mortgage Bond Markets

Bad Credit Mortgage Broker Bonds

Applicants with a low credit score, or public records (Bankruptcy, Liens, Collection, or Civil Judgments) will find a difficult time getting bonded. Bryant Surety Bonds, Inc. offers a Bad Credit Surety Bond Program that is specially tailored to your needs and can get you approved. This program is available for high risk mortgage brokers.

California Licensure Requirements*

Applicant Requirements:

• Age: 18
• State Residency: A non resident is only eligible for licensing in California if the applicants resident state permits residents of California to obtain a real estate license in their state
• Experience: Must have two years experience as a licensed Real Estate Salesman.
• Education: Applicant must complete a required pre-licensing course at a accredited institution.
• Continuing Education: 45 hours of continuing education during a four year licensing period.
• Examination: The person designated on the license must pass an examination
• Fitness For Licensure: Applicant, officers and owners with over 10% ownership must demonstrate honesty and truthfulness.
• Net Worth: No Requirement
• Surety Bond: No Requirement
• Background Check: Fingerprints are required.
• Managing Principal: A corporation may be licensed as a real estate broker through one (or more) of its officers that have qualified for licensure through education and examination. The applicant applying for a designated broker-officer license must hold an officer title in the business entity.

State Licensing Fees:

• Initial Application: $165-225 Licensing Fee
• Branch Application: No Requirement
• Renewal Application: $165-225 every four years

Employee Requirements:

• Age: 18
• State Residency: A non-resident will only qualify for licensing in California if their resident state permits residents of California to become licensed.
• Experience: No Requirement
• Education: Must complete pre-licensing education at an accredited institution.
• Continuing Education: 45 hours of continuing education in required through the four year licensing period.
• Examination: Must pass an examination
• Fitness For Licensure: No Requirement
• Net Worth: No Requirement
• Surety Bond: No Requirement
• Background Check: Fingerprints are required.
• Managing Principal: No Requirement
• Exemptions: No Requirement
• Licensing Fee: $120-170
• Renewal Fee: $120-170

Branch Offices

• In State Requirements: A License is required for in-state offices.
• Licensure Requirements: A license is required for each branch office.
• Branch Manager: No Requirement.

Exemptions:

• Entities: Regulated financials institutions, insurance companies, lawyers, securities broker-dealers, and consumer loan companies.
• Safe Harbor: None.

*Information for state licensing is provided as a guide, always verify with the state that the information is correct.

How to apply:

1.) Visit the commercial application page.

2.) Complete our online application.

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