Becoming a Mortgage Broker in California can be a lucrative career choice, but it’s important to understand the state licensing requirements before getting started. This article covers what steps to take, including pre-licensing education and training, state and national SAFE / NMLS exam preparation, and continuing education course options. The Mortgage Training Center offers many online and in-person courses to help you start or advance your mortgage career.
What Is A Mortgage Broker?
A mortgage broker acts as a middleman between lenders and home buyers to facilitate the process of purchasing or refinancing a property. They gather a borrower’s financial documentation, compare rates, and connect them with lenders who can offer a suitable mortgage. They are typically paid a small percentage of the loan amount by the lender they work with. Using a mortgage broker can be an excellent resource for borrowers with limited time or those that may not have accumulated enough savings for a down payment.
In order to become a licensed mortgage broker in the state of California, you will need to complete pre-licensing education and training, pass the national and state SAFE / NMLS exam, and take additional courses. You will also need to submit a state-specific mortgage broker license application, pay licensing and processing fees, and complete background checks and fingerprinting. Once you have your license you will need to associate it with an employer in order to begin doing business. To get started, select a lender or a mortgage broker school from the list below and complete the pre-licensing education course(s) that meet your needs.