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Frequently
Asked Questions (FAQ) |
Licensing
To List of Categories
- I
would like to have information on how I can be certified to be a mortgage
loan broker in more than one state. I currently live in Nevada, but
would like to be certified in Washington, Arizona, California, Texas,
and Florida.
- I
am very interested in learning the mortgage loan business, and will
take the course, but I have a sensitive question about a criminal record.
About 15 years ago I had a felony conviction for growing a controlled
substance in my home. Since then I have been a model citizen, have great
credit, and own a franchise in a major shopping mall in the Seattle
metro area. I have had no other legal problems.
Will this conviction keep me from becoming licensed and bonded?
- I
heard in the state of California it is required that you have a sales
license and serve an apprenticeship as a realtor before considering
Mortgage Brokering. Is this true, if not what are the requirements?
I am interested in becoming a mortgage broker.
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- I
would like to have information on how I can be certified to be a mortgage
loan broker in more than one state. I currently live in Nevada, but
would like to be certified in Washington, Arizona, California, Texas,
and Florida.
All but a few states in the country have licensing requirements that
reegulate those individuals wishing to be in the business of residential
mortgage lending. The Mortgage Academy has a data base of links to each
state authority that regulates the requirements. You can research what
the requirements are for each state at the following location on our
website: CLICK HERE
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I am very interested in learning the mortgage loan business, and
will take the course, but I have a sensitive question about a criminal
record.
About 15 years ago I had a felony conviction for growing a controlled
substance in my home. Since then I have been a model citizen, have great
credit, and own a franchise in a major shopping mall in the Seattle
metro area. I have had no other legal problems.
Will this conviction keep me from becoming licensed and bonded?
You can research the specific laws and licensing requirements here for
the state of Washington: CLICK HERE
As a side comment, here in the state of California, which has some of
the toughest laws and regulations for licensing mortgage loan officers
and brokers, your situation would not prevent you from pursing a license.
What causes the most trouble is when a person is licensed and then falls
victim to perpetrating a crime, they're license and future in the mortgage
business will come to a sudden and long stop.
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I heard in the state of California it is required that you have a
sales license and serve an apprenticeship as a realtor before considering
Mortgage Brokering. Is this true, if not what are the requirements?
I am interested in becoming a mortgage broker.
California does require anyone doing business in mortgage lending to
be licensed. There are two entities that regulate licensing. The DRE
(Department of Real Estate) and DOC (Department of Corporations). Each
have their own rules and regulations. DRE issues licenses to be a sales
person and to be a broker. Either license allows an individual to list
or sell real estate, and/or to do business in mortgage lending.
The great majority of mortgage loan officers have never listed or sold
real estate. It is true that before you can apply for a DRE brokers
license, you must meet certain requirements, one of which is having
completed 62 hours of class room instruction and have been involved
under the guidance of a DRE controlled licensed broker for two years.
This is not a negative, but rather it will take you at least this amount
of time to learn the industry not only from on the job instruction and
experience, but also self study or other learning opportunities to best
prepare your ability to succeed.
You can acquire the correct and up to date license requirements through
DRE's website. http://www.dre.ca.gov/
DOC requires an extensive application, a $25,000 surety bond, and allows
its brokers only being able to conduct business with DOC licensed lenders
in fulfilling a residential mortgage loan request of a borrower.
To assist individuals in their entry into the residential mortgage lending
industry, helping existing loan officers needing more instruction and
broader knowledge, or mortgage lenders and bankers to assist their lending
staff to become more productive, the Mortgage Academy publishes instructional
books and tapes. You may find more information about these on our website:
http://mortgageacademy.org/
or you may wish to call and speak with us at 951-778-0360 from 10:30am
to 5pm Monday thru Friday.
Of coarse feel free to continue communicating with us by email
if you want.
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