Do You Know Your MLO?

Do You Know Your MLOMLO’s in California can be licensed in three categories. FDIC – The Big Banks like Wells Fargo and Bank of America; DBO – Formerly the Dept. of Corporations; CalBRE – Formerly the Dept. of Real Estate. Did you know that the Federal Requirements for Education and Exams vary for these groups?

FDID originators have no pre-exam course requirements and no exams. DBO originators have to complete 20 Hours of Pre-Licensure Education and pass a National and State Test. To be a Loan Broker under the CalBRE an applicant has to first get a State Salespersons License which requires 3 College Level Courses and then pass an exam. After two years of experience, they must complete 5 more College Level Courses and pass the Brokers Exam. Then, they must complete the 20 Hour Course and pass the National and State Exams.

Just asking.


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