California Mortgage Licensing

California is one of the most interesting states for mortgage licensing. California has two different mortgage regulatory agencies and 3 different mortgage license types. All 3 are very different. Here is a quick overview of these license types:

DRE brokers can broker to DRE, CFL, RML, state chartered and federally chartered institutions
CFL brokers can only broker to CFL
RML brokers can only broker to RML, state chartered and federally chartered institutions

For a detailed description of the different types of licenses in California, go here:
What Are the Differences Between the Different Mortgage Company Licenses Available in California?


Mortgage Banker and/or Broker Licensing

Residential Mortgage Lender License

Physical In-State Office Required: No
Qualifying Individual: No
Minimum Net Worth: $250,000 Audited
Surety Bond: $50,000
Comments: Must hold a Federal Agency Approval from: FHA, VA, Fannie Mae, Freddie Mac, Ginnie Mae, or Farmers Home Administration. The Veteran’s Administration Lender approval is very easy to obtain. The RML License is the only license that allows companies to act as sub-servicers. Requires proof of Funding Capacity, i.e. Warehouse Line.
Fidelity Bond: Cost ranges drastically depending on size of company (Minimum cost about $1,500) – Not required if Federal Agency approval is from Veteran’s Administration.

License Cost Breakdown – Estimated fees not including Integrity Mortgage Licensing Service Fee:
$200 – Foreign Entity Fee
$125 – Registered Agent Fee
$450 – Surety Bond Fee
$1,000– Company License Fee


Mortgage Banker and/or Broker Licensing

California Financing Law License

Physical In-State Office Required: No
Minimum Net Worth: $250,000 (Lender), $50,000 (Broker), $25,000 (Commercial real estate only)
Surety Bond: $25,000
Qualifying Individual: Yes
Comments: Requires one employee of company to hold a CA DFPI LO License.

License Cost Breakdown – Estimated fees not including Integrity Mortgage Licensing Service Fee:
$200 – Foreign Entity Fee
$125 – Registered Agent Fee
$400 – Company License Fee
$250 – Surety Bond Fee
$50+ – Fingerprinting Fee


Mortgage Banker and/or Broker Licensing

Real Estate Broker Corporate License and NMLS Company Endorsement

Physical In-State Office Required: Yes, can just be an address. Not required to be manned.
Qualifying Individual: Yes, must hold a CA DRE Designated Broker License and CA DRE NMLS LO Endorsement.
Minimum Net Worth: None
Surety Bond: $ None
Qualifying Individual: Yes
Education/Experience: 135 hours and 2 years of experience.
Comments: LLC’s cannot get this type of license. Only corporations.

License Cost Breakdown – Estimated fees not including Integrity Mortgage Licensing Service Fee:
$200 – Foreign Entity Fee
$125 – Registered Agent Fee
$300 – Corporate DRE License
$400 – NMLS Mortgage Company Endorsement Fee


Regulated by:

Department of Financial Protection and Innovation

Division of Corporations

320 West 4th Street, Suite 750
Los Angeles, California 90013-2344

MLO Division

NMLS_Inquiries@dfpi.ca.gov | 213-576-7565
Manager | T’Pri Griffin | tgriffin@dfpi.ca.gov

CFL Division

Richard Grant | Branch Reviewer | rgrant@dfpi.ca.gov
Angelito Salandanan | Angelito.Salandanan@dfpi.ca.gov
Subhendra Singh | ssingh@dfpi.ca.gov | 213-576-7663
Ahn Vo | 213-219-7948
Miguelina Gonzales | Fingerprint Card Requests and Status | miguelina.gonzales@dfpi.ca.gov | 213-576-7690
Patricia Speight | Patricia.Speight@dfpi.ca.gov | 213-576-7614
Debbie Stopeck | Manager| debbie.stopeck@dfpi.ca.gov
Gina Madamba | gmadamba@dfpi.ca.gov
Steven Fong | Reviewer | Steven.Fong@dfpi.ca.gov | 213-576-7112
Fiona Y. Tai | Reviewer| ftai@dfpi.ca.gov | Phone: 213-576-7687 | Fax: 213-576-7188
Mary Guzman | All NMLS documents including (checklists on branches, companies, amendments, MLO) need to be sent to her. | Mary.Guzman@dfpi.ca.gov

RML Division

Mehran Malekaghakhan | mmalekag@dfpi.ca.gov | 213-576-7684
Gina Fong | gafong@dfpi.ca.gov | 213-576-7564
DiAun Burns | Supervisor | dburns@dfpi.ca.gov | 213-576-7620

Sacramento | 916-445-7205
Los Angeles | 213-576-7690
Colleen Monahan | Deputy Commissioner | Legal/Policy Questions| cmonahan@dfpi.ca.gov
Fax: 213-576-7181

www.dbo.ca.gov

California Department of Real Estate

2201 Broadway
Sacramento, CA 95818
Mortgage Activity Department (NMLS) Phone | 916-227-0770
Los Angeles Phone Number for Enforcement | 213-620-2072
Fax to Legal: 213-576-6917
Sacramento Phone Number for Licensing | 877-373-4542
Special Investigator – 916-263-8941

www.dre.ca.gov