Financing in Los Angeles>Question Details

AJ Dad, Other/Just Looking in Los Angeles, CA

In Cali, does the broker I hang my mortgage license with have to be a licensed mortgage loan officer too or do they just need a brokers license?

Asked by AJ Dad, Los Angeles, CA Sat Dec 7, 2013

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I'm surprised to see so many of the answers below stating that the broker does not need also need to be registered with the NMLS as an originator. That would be the case if you just plan on doing sales transactions, but it seems like you also want to originate loans.

How is your broker going to get approved to submit loans to wholesale lenders if he or she is not a licensed originator himself/herself? Every lender I'm approved with needs the broker or broker's company to be registered with the NMLS, since it is the company that receives the commissions. A salesperson cannot receive commissions directly.
0 votes Thank Flag Link Fri Jan 24, 2014
I either don't understand the question, or you are getting terrible answers. In CA if you want to be a mortgage originator, you must be licensed as such and you must be associated with a mortgage broker that is licensed as such. There are varying mortgage licenses in CA so none of the answers you have received thus far are correct. If you are have a California BRE Licensed then you can hang your RE license with a RE broker but you won't be licensed as an originator unless they are and you takes the steps of association through NMLS. If you have a California DBO license, you cannot hang your license with a RE broker because you have no RE license. If you have a federal originators license, you must be employed by a FCB in order to remain licensed.
0 votes Thank Flag Link Sun Jan 12, 2014
They only need a brokers lic.

Best Regards,

Kawain Payne. Realtor
0 votes Thank Flag Link Sun Jan 12, 2014
No, they only need to be a Licensed Real Estate Broker.
0 votes Thank Flag Link Sun Jan 12, 2014
They only need to be a licensed Real Estate Broker in california.
0 votes Thank Flag Link Sun Jan 12, 2014
If your just doing Real Estate sales, then they only have to be a Real Estate Broker. If your doing mortgage's then you would need a Mortgage Broker. If your doing both, then with both. Both are not required unless your doing both.
0 votes Thank Flag Link Mon Dec 9, 2013
They just need to be a licensed Real Estate Broker, although they can be both, that's not a problem.
0 votes Thank Flag Link Sun Dec 8, 2013
They only need to be a licensed Real Estate Broker in california. As someone else said there are a lot of real estate brokerages that retain mortgage, escrow, and title services.
0 votes Thank Flag Link Sat Dec 7, 2013
I agree with Heather. It is very important to know how the brokerage will benefit you. Consider what is important to you and what will accommodate you at the moment...if you don't plan on spending a lot of time in the office, it wouldn't make sense to pay outrageous desk fees. Shop around and interview a couple of brokers prior to hanging your license.
0 votes Thank Flag Link Sat Dec 7, 2013
AJ, I actually had my license hung with a Mortgage Broker before I got my brokers license.

Heather, I don't nickel and dime my team. They get 90 and I get 10 but they are totally 100% independent and self sufficient. All I have to do is review and sign docs and commission statements. We're aggressively seeking listing agents.
0 votes Thank Flag Link Sat Dec 7, 2013
In California you need a licensed broker to work under. Most offices also retain mortgage, escrow and title services as well.
0 votes Thank Flag Link Sat Dec 7, 2013
Great question for your broker, get with him/er on it.
0 votes Thank Flag Link Sat Dec 7, 2013
No, they just need to be a licensed Real Estate Broker. When looking to join a brokerage, see what each one has to offer you. Make sure they are not going to nickel and dime you on things such as color copies, what advertising they do, etc.
Good luck!
0 votes Thank Flag Link Sat Dec 7, 2013
No, they only need to be a Licensed Real Estate Broker.
0 votes Thank Flag Link Sat Dec 7, 2013
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