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Lending
Officer License
California does require anyone doing business in mortgage
lending to be licensed. There are two entities that regulate
lending officer license. The DRE (Department of Real Estate)
and DOC (Department of Corporations). Each has its own rules
and regulations. DRE issues lending officer license 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 lending
officer license requirements through DRE's website. DOC requires
an extensive application for lending officer license, 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 lending officer license authority publishes
instructional books and tapes. You may find more information
about these on our website. All but a few states in the country
have lending officer license that regulate those individuals
wishing to be in the business of residential mortgage lending.
The lending officers license has a database of links to each
state authority that regulates the requirements.
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