This means that a CFL broker can’t broker to DRE companies, CRML companies, or federally or state chartered banks, unless those companies also hold a CFL License. The CFL License only allows CFL brokers to broker mortgage loans to a CFL Lender. The CFL License has a major restriction that needs to be pointed out.
The CFL License is the only license that allows a company to originate non-secured commercial or personal loans. The CFL License and DRE License both allow a company to originate commercial mortgage loans. The CRML License is the only license type that allows a company to sub-service residential mortgages, which means to service loans that are owned by another company. I’ll be using a lot of acronyms, so refer to the above paragraph if you’re not sure what each acronym means.Īll three license types allow companies to broker, bank/lend, or service residential mortgages. It is very important to decide up front what license works best for you, so let’s take a look and compare each of them. All three of these license types have different requirements for approval and allow different activities. The Department of Financial Protection and Innovation (DFPI) formerly the Department of Business Oversight (DBO) offers two different types of mortgage company licenses, the California Financing Law License (CFL) and the California Residential Mortgage Lender License (CRML).
The Bureau of Real Estate offers the California Department of Real Estate (DRE) Corporate License with the Nationwide Mortgage Licensing System (NMLS) Company Endorsement. There are three (3) different types of Mortgage Company Licenses offered in California.
Before discussing how to get a California Mortgage Company License, we need to first discuss what type of mortgage license you should get.
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