Where can one lend home loans in California?

To lend home loans in California, you must obtain a California Mortgage Broker License from the California Department of Financial Protection and Innovation (DFPI). Here's the step-by-step process to obtain a mortgage broker license in California:

1. Meet Eligibility Requirements:

- Be at least 18 years old.

- Have a high school diploma or equivalent.

- Be a U.S. citizen or permanent resident.

- Pass a criminal background check.

2. Complete Prelicensing Education:

- Enroll in a DFPI-approved mortgage broker prelicensing course.

- Successfully complete the 20-hour prelicensing education course.

3. Pass the Mortgage Broker Exam:

- Register with the Nationwide Mortgage Licensing System (NMLS) and pay applicable fees.

- Schedule the Mortgage Broker Examination using NMLS.

- Pass the exam with a score of 75% or higher.

4. Submit Application:

- Complete the California Mortgage Broker License application (MLO Form 1100).

- Pay the application fee.

- Submit the application and supporting documents to the DFPI.

5. Submit Surety Bond:

- Obtain a surety bond of $25,000 from a DFPI-approved surety company.

- File the bond with the DFPI.

6. Receive License:

- If approved, the DFPI will issue a California Mortgage Broker License.

- The license remains in force unless suspended or revoked.

7. Ongoing Requirements:

- Continue to meet licensing requirements, including continuing education and bond maintenance.

- Comply with federal and state lending regulations.

8. Find a Brokerage:

- Find a mortgage brokerage that you want to work with.

- The brokerage will provide you with the necessary support and resources to lend home loans.

It's important to note that lending home loans requires knowledge of mortgage regulations, loan products, and market conditions. It's also a competitive field, so having experience and a strong network in the industry can be advantageous.