Article Summary: This article will help anyone looking for information pertaining to a mortgage license in the state of Florida or anyone looking to 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.
The
Florida Department of Banking and Finance, Division of Finance, in Tallahassee handles all aspects of the mortgage license in Florida. They provide detailed information
here.
The complete Florida Mortgage Law can be read at:
http://www.flofr.com/licensing/
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.
We also offer information and resources for Florida Commercial Mortgage