Mortgage Loan Originator License: How to Apply

1. Each mortgage loan originator must be separately licensed which requires the submission of Form MU4 through NMLS to the California Department of Corporations. All DRE real estate licensees (salesperson or broker) who conduct residential MLO activities must apply for and obtain a "license endorsement". CLICK HERE for complete details. The Form MU4 must be submitted electronically through the NMLS website at www.nationwidelicensingsystem.org. For NMLS system questions, call the NMLS Call Center at 240-386-4444.

2. The mortgage loan originator's license will not be approved until a sponsorship request is submitted by the mortgage loan originator's employer. A quick guide titled "Create a Company Sponsorship" at the following link will help walk your company through this process: NMLS Quick Guides

3. License approval will be issued in an "Approved-Conditional" status once the MU4 filing is reviewed by the Department of Corporations and all other license requirements are met. To receive full "Approval" status the mortgage loan originator must meet the following requirements by July 31, 2010. Applicants are encouraged to submit their mortgage loan originator applications to the Department of Corporations by May 28, 2010 to allow for processing and completion of the application and license issuance by July 31, 2010.

• Certification that 20 hours of pre-license education courses have been completed
• Passing grade on a national and California Mortgage Loan Originator test
• Fingerprints for an FBI criminal history background check
• Authorization for a credit report to be provided to the Department of Corporations
• License must be sponsored by a company licensed by the Department of Corporations.

4. Total license costs: [$TBD] plus the NMLS processing fee of $30.00.

	NMLS Processing Fees									Department of Corporations Fees
										CFLL				CRMLA				MLO
			Company		Branch		MLO			Company		Branch		Company		Branch
	Transition fee		$100		$20		N/A			$0		$0		$0		$0		$0
	Application fee		$100		$20		$30			$300		$300		$1,000		$0		TBD
	Annual renewal fee		$100		$20		$30			$0		$0		$0		$0		TBD
	Change in sponsorship		$0		$0		$30			$0		$0		$0		$0		TBD

5. All fees are collected through the NMLS and ARE NOT REFUNDABLE.

WHO TO CONTACT
For NMLS system questions, call the NMLS Call Center at 240-386-4444. For Department of Corporations specific questions call the Department of Corporations Call Center at 866-ASK-CORP.