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Mortgage Loan Originator License: Overview
In January of 2010, the State began implementing Senate Bill 36 , bringing California into conformance with federal law established by the "Secure and Fair Enforcement (S.A.F.E.) for Mortgage Licensing Act of 2008." A key part of the law is the requirement for licensing of mortgage loan originators through the Nationwide Mortgage Licensing System (NMLS).
This new law applies to the following individuals:
1) Individuals licensed under the California Department of Real Estate (salesperson or broker).
2) Individuals licensed under the Department of Corporations (CFL or CRMLA).
California Real Estate Law now requires all real estate licensees who conduct residential MLO activities to apply
for and obtain a "license endorsement."
NOTE: DRE licensees are exempt from the 20-hour pre-license education requirement but must still pass the National and State components of the NMLS license examination.
Early feedback on the NMLS licensing examination is that it can be very difficult for the unprepared and the
consequences of failing are severe. If you fail one of the test components (either National or State), you must wait
30 calendar days to retake the test. After the fourth failed test, you must wait 180 days to retake. You will
also be charged the test fee each time you retake (National Component is $92; State Component is $69).
 CA
Safe Prep – Chamberlin's Online State Exam Preparation Course
$149 - CA Safe Prep covers both the National
and California state components of the NMLS licensing
examination. CA Safe Prep is for “state exam preparation” only and is NOT
approved as pre-license
education for NMLS credit. See how it works.
To be eligible for the DRE exemption from the 20-hour prelicense education requirement,
you must file Form MU 4
by August 31, 2010, as noted in the following instructions.
- You must hold a valid California real estate license and file your Form MU 4 (individual) MLO license endorsement application on the NMLS&R system between March 1, 2010 through August 31, 2010. DRE will be allowed to submit a list to NMLS&R of the real estate licensees who have an Form MU 4 filing pending in the NMLS&R system on a continuing on-going basis.
- Upon receipt of the list, the NMLS&R system will send an email to the identified MLO license applicants requesting that they log into the system and pay a system processing fee of $15.00.
- After payment, DRE will be advised that the pre-license education requirement has been met and your NMLS&R record will be updated accordingly. DRE will continue to finalize your Form MU 4 filing.
Coming Soon - 20-Hour CA Safe Comprehensive Prelicense Course
The Chamberlin Real Estate School is already an approved course provider under
the NMLS (Provider ID:
1400276). We are currently developing a 20-hour online instructor-led course
that will meet the prelicense
education requirements. This course will include the required state specific
content for the California portion of the
State exam. We will update our web site immediately when our NMLS approved prelicense
course is available. If
you would like to be notified of updated information and when our course is available,
send email to admin@chamberlinschools.com
Have Questions?
We encourage you to contact one of our friendly Customer Service Representatives at 1-800-672-4665 with
any questions.
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