Does anyone know what the bottem line is on LOS and if they need to be licensed or not to do loans or orginate loans?

I've been told that if I work with a broker who is licensed with the Department of corporations, the loan officers/orignators don't have to be licensed but if it's a straight RE & Mortage office, all personel needs to be licensed.

Where can I get more info on this? I'm getting ready to open a branch office and want to know what I can and can't do according to the law!

Thanks! :rolleyes:

CA has two types of licensing, CFL & DRE. If your corporate office is under a DRE you have to meet the state of California's Continuing Education Requirements (this applies to all your LO's). Does not apply to CFL. Regardless, if you are setting up a branch, you will need an MBBR License, which you should be able to obtain through your corporate office.....HOWEVER........


I really don't think you should be opening a branch office, you really need to have someone train you. Just my 2 cents.

As far as LOS's, there are several out there. ie: Encompass, Point, Byte, Mortgageware, etc. Typically they run around $800 - 900 for a 5 user license, then an additional $300 - 500 per year for updates.