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Become A Mortgage Broker In Florida

The increase in Licensed Mortgage Brokers in Florida indicates tremendous recent growth in the mortgage industry. In June, 2002 there were 30,283 active Mortgage Brokers in Florida, and in May, 2004 there were 45,006. This reflects a 50% increase in just two years.

The current regulations regarding Mortgage Brokers in Florida became effective in July 1992. They affect anyone who solicits mortgage loans on behalf of someone borrowing, who accepts an application for a mortgage loan, or who negotiates the terms and conditions of a mortgage loan for a lender of the money. All Mortgage Brokers must be an associate of a Mortgage Broker Business that is also licensed by the State of Florida. However, a Mortgage Broker may only be an associate of one Mortgage Brokerage in Florida. Once licensed in Florida, the Mortgage Broker may work with both 1st mortgages and 2nd mortgages.

To have a Mortgage Broker career in Florida one must be at least 18 years of age and pass a written examination that reflects a strong knowledge of the Florida Mortgage Brokerage and Lending Act, the Florida Fair Lending Act, the Patriot Act, all federal lending and housing regulations, complete knowledge of FHA/VA and Conventional mortgages, Fannie Mae underwriting guidelines and closing procedures, basic real estate knowledge such as surveys and deeds, plus mathematical calculations pertaining to financing.

Before taking the mortgage exam the Florida statutes require the applicant to take 24 hours of classroom instruction at a qualified Mortgage Business School that meets minimum accreditation requirements. In order to pass the examination, additional study time is highly recommended. After obtaining a license, the Mortgage Broker must take an additional 14 hours of continuing education classes during the next two years.

All applicants for the Mortgage Broker License must provide full legally-provided fingerprints for submission to either the Federal Bureau of Investigation or the Florida Department of Law Enforcement. Any actions pending that involve dishonest dealing, fraud, or acts of moral turpitude will be grounds for denial of the license.

The nonrefundable application fee of $200 also covers the examination. However, if the applicant needs to retake the examination, an additional fee is charged.

The Florida Association of Mortgage Brokers, an affiliate of the National Association of Mortgage Brokers (NAMB), provides meaningful information for consumers on its website, including videos of the mortgage process, important regulatory information, and down-payment assistance. The NAMB is an important connection to have as you become a Mortgage Broker in Florida.

Common Questions

What are the requirements for a Florida mortgage broker license?

• be at least 18 years of age
• complete the state required course
• pass the state examination
• need not be a Florida resident

When and where is the state exam given?

The exam is given in St. Petersburg, Orlando, Ft. Lauderdale and Tallahassee. It is typically held on the fourth Tuesday of the month. For a current list of dates for the exam refer to the state's Bulletin of Information.

How long after taking the state exam will I be notified of passing?

Official results will be sent by mail approximately 5 days after your exam.

I received a letter from the department stating I haven't completed my education for the license even though I took your course, why is that?

We submit the education results to DFS before five (5) days after the course finishes.The DFS' policy is to process the application with the background check. The background check takes longer than the application and submission of education results. Until the background check is completed and all documents are processed all together, DFS will automatically send out letters of deficiency. DFS reports to us not to worry about the education requirement so long as you have completed the (24) hours in the classroom.

How long after passing the state exam will I receive my license?

Your license will be sent by mail approximately 30 days after passing the state exam and providing your course completion certificate.