Does the state require a physical location within the state?
There is no physical location requirement.

Is there individual loan officer licensing?
Yes, individual mortgage brokers must be licensed. A person acting as a mortgage broker may not be an associate of more than one mortgage brokerage business. If the person is an associate of a mortgage brokerage business, they may not be employed as a loan originator by a mortgage lender. While the mortgage lender license is an entity license, employees of a mortgage lender must be paid W-2 wages.

What are lenders, brokers and loan officers called?
Licensed businesses are referred to as mortgage brokerage businesses and mortgage lenders. Loan officers for lender entities are referred to as originators while loan officers for broker entities are referred to as loan officers or brokers.

Is there state reciprocity across state lines?
At the time of this writing, there is no state reciprocity.

What is the cost of a license? Surety bond? Are there net worth requirements?
The application fee for a mortgage lender is $575.
A surety bond in the amount of $10,000 is required.
The applicant must maintain a net worth of at least $250,000 as a condition to its continued licensing.
In addition, the applicant's chief executive officer, directors, and owners of 10 percent or more must each complete fingerprint cards and submit a $23 (each person) nonrefundable processing fee for each fingerprint card.
The application fee for a mortgage brokerage business license (a business that employs mortgage brokers) is $425.
The business must have a qualified principal broker who is in charge of the business.
To qualify as a principal broker, a person must have been licensed as a mortgage broker for at least one year, or have been actively engaged in a mortgage-related business for at least one year.
Officers, directors, and ultimate owners of 10 percent or more of the business must provide a set of fingerprints to the Office of Financial Regulation as a condition of licensing.
A license is good for two years.
The application fee for an individual mortgage broker is $200.
An individual applicant must also provide fingerprint cards with the application to the Office of Financial Regulation.

Is there a pre-licensing education requirement? Is there a test?
A lender’s principal representative must complete twenty-four hours of designated educational classes prior to the application being approved and must pass a written test that covers primary and subordinate mortgage financing transactions, the provisions of the act and the Commission's implementing rules. A "principal representative" is an individual who operates the business operations of a mortgage lender licensee. An individual mortgage broker must have completed 24 hours of classroom education and pass a test as a condition of his original licensing.

Is there a CE requirement?
Mortgage brokers, loan officers, and principal representatives of a mortgage lender must complete at least 14 hours of continuing education on the subjects of primary and subordinate mortgage financing and Florida mortgage law prior to each renewal of their licenses. Records documenting a licensee's compliance with the continuing educational requirements of Florida law must be kept for four years.

Are there different requirements for mortgage brokers and mortgage lenders (i.e. can you broker under a lender license)?
A licensed mortgage lender is exempt from licensing as a mortgage broker if, when acting as a mortgage broker, the lender provides all disclosures applicable to mortgage brokers.

Are there any state specific high cost loan provisions?
Florida enacted the Florida Fair Lending Act which became effective October 2, 2002. There are numerous disclosures, restrictions and prohibitions that apply to high cost loans that are specified in the act. Florida has adopted the same high cost thresholds for APR and points and fees as defined in Regulation Z.

Are there any state specific predatory lending laws?
See the high cost loan provisions.

Closing practices – attorney or title state? Wet or dry settlement?
Florida is a wet funding states by practice. There is no penalty for not delivering funds with closing documents, but closing may be delayed if funds are not delivered.

Are there 2nd mortgage policies and/or restrictions? Do you need a separate license to do 2nd mortgages?
In general, a license under the Mortgage Brokerage and Lending Act covers loans secured by both first and subordinate lien mortgages. A lender (but not a broker) must also be licensed under the Consumer Finance Act to make loans of $25,000 or less if the interest rate exceeds 18 percent.

Who is the regulator and what is their contact information?
Financial Services
Office of Financial Regulation
200 East Gaines Street
Tallahassee, FL 32399-0375
Phone: (850) 410-9500, or 850-410-9895, or 850-410-9111, or 850-410-9095
Fax: (850) 410-9914
www.flofr.com

Ready to get licensed in Florida?
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The Successful College Of Real Estate, a leading Central Florida real estate school. www.CallSCORE.com.
Please mention our recommendation.

DISCLAIMER: The data contained here is for informational purposes only. It should not be the sole resource for licensing decisions. Please consult the regulator and/or an attorney that specializes in these matters before taking action.


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