licensed mortgage brokers california
Loan Agent? Mortgage Broker? Loan Processor? What is the difference?
Also How do I become one? What are the qualifications? Do I have a degree or license or certificate? I am in California.
The State quaification for loans AGENT Educational Req. The same AS IS Real Estate Sales Agent (the real estate Principle of class either online, community college or other schools take the state exam and you will become a real estate agent / loan agent. You must be 18 years old, and ur background must be clear to qualify for the license.) Mortgage Broker requirement is 8 classes re (basically re practice, property management, re assessment re economy, refinancing, business law and mortgage mediation). These classes are mandatory to qualify for the exam. YOU HAVE A shoulder to have Bachelors Degree To avoid WORK EXP. If you do not have a Bach. Degree, you have to work as a broker / agent loans for two years full time plus the 8 classes qualify for the State. If you have an AA degree, you need to 8 courses plus a proof of a year of experience as real estate sales license holder. LOAN PROCESSOR requires no training, unless you work for a Mortgage Broker. Company requires that you have to, it is the boss, Loan Sales Agent is the staff, and loan processor is the clerk. The broker may be a loan agent, and a processor at the same time, but a loan agent can not be the brokers. LOAN AGENT does not represent the Agency / Broker, and has under a Broker work. The processor, the agent can not, unless he / she is the broker. LOAN AGENT AND processor must be under a broker. If you work for a large corp. as BOA, or any other bank, you do not have any license to the Credit Agent to work as one, unless the bank requires that you have one. Loan agent is usually on commission only position, it is easy to get a loan agent job. Apply to all local loan office, or talk to me about it, I am a real estate agent / Mortgage broker. Processing positions are quite slow now days, chances are you will not, perhaps, but to an establishment job, please call or go walk to the nearest loan / MTG office.