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Loan
officers as we all know are the people from the world of
loans and mortgage. They help people for getting a new
home loan, in refinance for lowering their interest
rates, in getting second mortgages, equity loans and
many other financial matters related to loans and
mortgage. |
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Lending
Officers License
California does require anyone doing business in mortgage lending
to be licensed. There are two entities that regulate lending
officers license. The DRE (Department of Real Estate) and DOC
(Department of Corporations). Each has its own rules and regulations.
DRE issues lending officers 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 officers
license requirements through DRE's website. DOC requires an
extensive application for lending officers 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 officers 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 officers
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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