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Get Your Mortgage Loan Originator License in 2021!

 

Please Note that the California Department of Business Oversight (CA-DBO) has recently been replaced by the California Department of Financial Protection and Innovation (CA-DFPI). None of the educational requirements to get your Mortgage Loan Originator License have been affected. Thank you for your patience as we work to comply with the rebranding adjustments. 

 

CA-DFPI Pre-Licensing Courses

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Starting at: $399 Now Only $239.99!

Use Coupon Code: CADFPI

 

 

Licensed in another state and want to add California?

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Now Only $39.98!

Use Coupon Code: CAPE39

 

 

CA-DRE Pre-Licensing Courses

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Starting at: $349 Now Only $239.99!

Use Coupon Code: CALPE 

 

How to Get Your (MLO) Mortgage License in California

 

1. Apply for Your NMLS Account and ID Number

The first step to obtaining your California mortgage license is applying for an NMLS account and ID number. To do so, go to the NMLS website.

 

2. Complete Your NMLS Pre-license Education

To get your MLO license in California, you will need to complete a required 20-hour SAFE pre-license NMLS course with any additional work from the California state licensing agencies: The California Department of Financial Protection and Innovation (DFPI) and The California Department of Real Estate (DRE).

 

3. Need to Pass the SAFE MLO National Test

With your education complete, you need to schedule an appointment for the National Test Component exam and take the NMLS test. Find out more on how to take your NMLS exam here.

 

4. Complete Background checks and Pay All Fees

To finalize your application and receive your license, you will need to pay several non-refundable fees and get a background check. Find out more about how to complete your background check here.

 

5. Apply for Your California MLO Mortgage License

After receiving a passing score on your NMLS mortgage exam, you need to apply for your California NMLS license. You can find more information on this step for (DRE) here and (DFPI) here.

 

6. Associate Your NMLS record with Your New Employer

Your California license will be in a pending state until you have an employer sponsorship, which lets the government know that an employer is supervising your individual license. Learn how to associate your NMLS account with your employer here.

 

Getting Your California Mortgage License

Congratulations on your decision to work towards obtaining a California mortgage license! Our mortgage loan officer license course bundles provide a clear, concise, and convenient way to obtain your NMLS license.

 

Whether you are an experienced loan officer entering a new state or brand new to the industry, our NMLS courses for California loan officers contain everything you’ll need to complete the national mortgage education requirements and receive your mortgage loan originator license.

 

 

CA-DFPI vs. CA-DRE

There are two separate licensing divisions in California: The California Department of Business Oversight (CA-DBO), and The California Department of Real Estate (CA-DRE). Mortgage Educators & Compliance provides course bundles that satisfy either NMLS license in California.

 

Some companies operate under the California Department of Real Estate (DRE), others under the California Department of Business Oversight (DBO). Your required mortgage education courses will depend on the licensing division your employer operates within. Contact one of our licensing specialists for assistance selecting the appropriate pre-licensing courses shown below.

 

If you are unsure which agency you will be licensed under, please contact your employer, as you must be licensed under the same agency. If you don’t have a sponsor yet, use the following to determine which agency to select:

 

If you hold an active CA real-estate license and are looking to operate under both this and your new mortgage loan originator license, then you will select the CA-DRE.

 

If you don’t have a CA real-estate license and aren’t looking to obtain one and are only planning to operate under a mortgage loan originator license, then select the CA-DFPI.

 

While both licenses will allow you to become a MLO, there are pros and cons to getting either license.

 

 

 

What Is The CA-DFPI License?

Anyone looking to work for a company that is licensed by CA-DBO will have to obtain their corresponding license. Generally speaking, a CA-DBO license:

 

- Is easier to obtain than a CA-DRE license

- Will only allow you to work for companies licensed with the DBO

- Will allow you to deal exclusively with mortgages that either fall under the California Finance Lenders Law (CFLL) or the California Residential Mortgage Lenders Act (CRMLA).

 

What Is The CA-DRE License?

In contrast, you may opt for a CA-DRE license that has more requirements but also grants more freedom. A DRE license:

 

- Is more difficult to obtain

- Requires you to maintain a real estate license

- Requires you to complete additional, separate real estate education

- Gives you the opportunity to work with any mortgage company

 

Are California Broker Licenses and Loan Originator Licenses The Same?

 

Mortgage loan originators and mortgage brokers are commonly confused terms. As such, many people who are searching for a California broker license are actually looking for a loan originator or loan officer license. So what’s the difference? Generally speaking, a mortgage broker is a company that employs a team of loan officers. Loan officers originate mortgage loans for new home buyers. Therefore, the correct license for a loan officer in California would be one of the options listed above, depending on which division your employer works under.

 

 

New California Mortgage License Requirements

As the housing market continues to grow, so too does the demand for loan officers who are both qualified and ethical in all of their dealings. The requirements to gain a California mortgage license are both robust and rigorous.

 

Under the Secure and Fair Enforcement for Mortgage Licensing Act of 2008, all those who are looking to obtain a loan officer license in California or are looking for a California mortgage license renewal must complete extensive educational requirements.

 

Keep in mind that New Mortgage License Information doesn’t count towards your CE credits. Don’t retake any 20 hour new mortgage license education course unless you are specifically directed to by a state regulator.

 

New Mortgage License Education does not count towards annual CE credits. MLO's are also advised to not retake any 20-hour new license education course unless otherwise directed by a state regulator.

 

 

Current California-DRE New Mortgage License Course Hours

- 3 hours of Federal law and regulations

- 3 hours of ethics, fraud, consumer protection, and fair lending issues

- 2 hours of non-traditional mortgage lending

- 10 hours of undefined instruction (electives)

- 2 hours of undefined state law education

 

Current CA-DFPI New Mortgage License Course Hours

- 3 hours of Federal law and regulations

- 3 hours of ethics, fraud, consumer protection, and fair lending issues

- 2 hours of non-traditional mortgage lending

- 10 hours of undefined instruction (electives)

- 2 hours of CA-DFPI law

 

We offer numerous courses that will help you meet the above educational requirements, both instructor-led and through self-study.

 

20-Hour Course Breakdown

 

Our NMLS online course will not only help you meet any educational requirements you need on your path to becoming an MLO, it also includes helpful test prep material that will prepare you to pass the national test.

 

This course meets the required 20 hours (18 hours CA-DFPI course & 2 hour DFPI Elective) of pre-license education. Each subject is broken down into 5 minute videos accompanied by various quizzes and activities.

 

The instructor for our course is David Luna, who has over 35 years of experience in the mortgage industry and has worked for Fannie Mae, Freddie Mac, and several large banks.

 

We also offer live 20 Hour classes in various locations in California with live test prep.

 

Cost of Getting Your Mortgage License in California

In addition, there are financial costs you will have to meet to get your license:

 

- NMLS Initial Processing Fee: $30

- CA-DFPI Application Fee: $300

- Credit Report: $15

- FBI Criminal Background Check: $36.25

 

Total application fees: $381.25

 

Keep in mind that this does not include fees for reporting course hours to the NMLS. Mortgage Educators includes all course reporting fees in its prices to help make that process easier. You will, however, be responsible for paying the NMLS testing fee ($110).

 

 

California Continuing Education Requirements

After you obtain your CA-DFPI license, you will be required to complete 8 hours of Continuing Education each year, which includes:

 

- 3 hours of Federal Law

- 2 hours of ethics

- 2 hours of non-traditional mortgage lending

- 1 hour CA-DFPI specific education

 

After you obtain your CA-DRE license, you will be required to complete 8 hours of NMLS approved Continuing Education each year, which includes:

 

- 3 hours of Federal Law

- 2 hours of ethics

- 2 hours of non-traditional mortgage lending

- 1 hour of undefined electives

 

You’ll need to take into account the “successive years” rule, which prohibits you from taking the same courses for two years in a row. Mortgage Educators changes its continuing education to ensure that you won’t have any issues with this rule.

 

**The deadline to complete CE in California is December 31. MLO’s with the CA-DRE & CA-DFPI are actually prevented from applying for license renewal until they have completed their CE.

 

Become a California Mortgage License Originator

If you have any questions about how to obtain an MLO license, contact us today and we’ll help you in any way we can.

 

Feel free to also ask about our other products including our Online NMLS Test Prep Pro course.

 

 

 

Additional Questions?

Mortgage Educators and Compliance is here to answer any additional questions that you may have in regards to your California mortgage license. For additional questions, feel free to call us at (801) 676-2520 or email us at 20hour@MortgageEducators.com.

 

 

 

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