| |
Get licensed as a Mortgage Broker or Lender in California under the California Finance Lender License through the California Department of Corporations. No experience, education or exam is necessary. Total out of pocket costs including California state filing fees, surety bond premiums, and licensing services are roughly $1,650* through American Mortgage Licensing.
American Mortgage Licensing gets mortgage brokers and lenders approved with the Department of Corporations on a daily basis. We open the door for greater opportunities by managing your entire licensing project and setting up all of the necessary paperwork and documentation that you will need to get approved as a California Finance Lender in as little time as possible. We do as much of the work as possible, so you can remain focused on your business.
What is the CFL License?
The CFL (California Finance Lender) License is regulated by the California Department of Corporations. The CFL license provides mortgage brokers and lenders with an exemption that enables the licensees to function as mortgage brokers and lenders under the California Law. The main stipulation is that the broker and lender involved in the transaction must both be licensed under the CFL.
What does this mean?
If you obtain a CFL license you can broker loans, but only to lenders who are also CFL licensed. The majority of lenders and banks in California have their CFL license.
What are the advantages in obtaining a CFL license?
Less Restrictions
You can hire unlicensed sales agents to originate loans under your company license. However, all employees, both part-time and full-time, must be W2 employees. They cannot be contract (1099) employees. There are no exceptions to this rule.
Minimum Requirements
No physical office requirement. Applicants do not need to be from the state of California. Applicants need to maintain a minimum net worth of $25,000 (Assets minus liabilities) and obtain and maintain a surety bond in the amount of $25,000. Applicants are not required to take classes nor pass a written exam. No specific lending experience is required.
Who can apply for the CFL license?
Individuals, partnerships, associations, limited liability companies and corporations. According to the Department of Corporations many of the largest Fortune 500 companies have their CFL license.
What are the Fees?
| American Mortgage Licensing's services |
 |
$1,000 |
| California Filing Fees |
|
$400 |
| Surety Bond Premiums |
|
$250* |
* Bond fees are based on the applicant's personal credit score. Example above represents an applicant with good credit.
How do I Start the Process?
To begin your project immediately, contact American Mortgage Licensing at 866.588.6600, or use the form below. We will be happy to answer any questions you have on the CFL license. We license brokers and lenders in all fifty states.
We look forward to the opportunity to serve you. Please let us know what we can do for you.
|
|
