DRE Alert: Notice to Mortgage Loan Brokers

DRE Summer Bulletin

There was an important alert on page 3 of the DRE Summer Bulletin. You might check it out.

Notice to Mortgage Loan Brokers

The Department of Real Estate (DRE) has seen an increasing number of applications for mortgage loan originator license endorsements from people without a real estate license, which is a requirement. As a result, DRE has issued Notices of Intent to Deny to these applicants and has been pursuing formal denial of these applications.

Please ensure that prospective affiliates and employees only apply for a mortgage loan originator license endorsement from DRE if they have a California real estate license. Otherwise, these applicants will be subject to formal regulatory action, which will have ramifications going forward, including having to disclose this action on any future applications.

For more information about all DRE alerts go to DRE.CA.GOV and check the Bulletins and all Publications. 

And to keep up-to-date between Bulletins check out the DRE page on FACEBOOK.

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