Does the Managing VP in a MTG Brokerage have to a DRE license in California?

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I work in a mortgage brokerage and mortgage bank in California and have found out that the managing VP (who is in charge of the loan officers) has an expired license and has not renewed it in more then 10 years!

What stricks me as odd is the fact that the company requires all assistants to the loan officers to have a license yet HE doesn鈥檛!!!!! We have a mortgage bank---and when an underwriter refuses to clear a condition HE has the authority to override anything. Second, I hear him talking about rates to clients on behalf of the loan rep. There is something going on.

Anyone in the real estate industry or watch dogs care to give me some words of advise. Yes, I do not like him so I guess I have something on him, huh.

Does the Managing VP in a MTG Brokerage have to a DRE license in California?

Actually it is your business that is at risk. If he is acting as a loan officer he should be licensed, but if he is merely acting as manager, it's likely not required. I am willing to bet that the bank is unaware of his status which could put them at risk for fines and lawsuits for any representative he speaks for. If you are looking to tattle on him or simply to protect your company and yourself, I suggest you speak to a higher up supervisor.

Does the Managing VP in a MTG Brokerage have to a DRE license in California?

Hmm.. so you have 2 jobs. You're a loan officer and a "Mortgage Police". What a combination. Let it go. It's not your business, nor your license.

Does the Managing VP in a MTG Brokerage have to a DRE license in California?

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