California Mortgage Licensing

California mortgage licensing : CA has 2 regulatory agencies. CA Department of business oversight and CA Bureau of Real Estate. Both CA agencies offer two different type of company licenses.

StateLicense NameState FeeBond Premium Est.SoS FeeMLG ProcessingTotal
CaliforniaCalifornia Finance Lender Law License$400.00$188.00$254.00Call for More Information$842.00
CaliforniaCOA$0.00$0.00$360.00Call for More Information$360.00

License: CA Finance Lender's Law License

  • Operating Status: Broker/Lender
  • Bond Amount: $25,000
  • Net Worth: $250,000
  • Brick & Mortar: No
  • Audited Financials: No

CA-DBO: Finance Lenders Law License (CFLL)

Note about this license type: A CFLL broker is authorized to act as a broker in connection with loans made by a CFLL lender. A license can be issued as a lender, a broker or both. This company application is one of the cheaper application costs but there is a high net worth requirement. Applicants must have unaudited financial statements showing a minimum net worth of $250,000 – unless applicant only wishes to broker, then requirement is only $50,000. Surety bond required is relatively low in the amount of $25,000.Each control person will also have to complete fingerprinting processes.

License: Residential Mortgage Lending Act License

  • Operating Status: Broker/Lender
  • Bond Amount: $50,000
  • Net Worth: $250,000
  • Brick & Mortar: No
  • Audited Financials: Yes

CA-DBO : Residential Mortgage Lending Act License (CRMLA)

Note about this license type: A CRMLA license is an alternative to the licenses under the California Finance Lenders Law or the California Real Estate Law. A licensed CRMLA lender is authorized to provide brokerage services to its borrowers.A license can be issued as a residential mortgage lender, a residential mortgage loan servicer or both residential mortgage lender and residential mortgage loan servicer. Applicant must have audited financial statements that meet the tangible net worth requirement of $250,000. Surety bond required is a minimum amount of $50,000. Another pre-qualification for this license type is applicant must provide evidence of federal agency approval. The federal agency approval must be from FHA, VA, Fannie Mae, Freddie Mac, or Ginnie Mae. Approval as an FHA loan correspondent does not meet this requirement.An interesting note for this federal approval requirement is that it does not apply to fulfillment service companies doing only processing/underwriting activities. Company must also have a fidelity bond in place. Each control person will also have to complete fingerprinting processes.

CA- BRE: Real Estate Broker License

License application is inexpensive compared to other state applications. QI must be a CA-BRE broker of record. No bond is required or any financial records information. If intending to have more than main office location, each branch location must be licensed as well with the CA-BRE.

CA-BRE: Real Estate Corporation License

License application is inexpensive compared to other state applications. Company must have an underlying real estate license. This application requires a designated broker/officer who hold an CA-BRE license endorsement. The designated broker/officer will need to be sponsored with the company before this application is approved. No bond is required or any financial records information.

For more information or to speak to a representative for California mortgage licensing call us today at 866-576-7726