California Mortgage Licensing

Note about this license type: A CFL broker is authorized to act as a broker in connection with loans made by a CFL 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 could be a high net worth requirement depending on your business activities. 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. Conducting only non-residential activity (commercial brokering/lending) the net worth requirement is lowered to $25,000. Surety bond required is relatively low in the amount of $25,000. Each control person will also have to complete fingerprinting processes.

**Fees and terms subject to change without notice.

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 brokering, lending and servicing to their clients. 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.