Before you can work as a mortgage broker in Florida, you will need to know how to get a state of Florida mortgage broker license. Since 1992, the state of Florida has mandated that mortgage brokers doing business within the State need to be licensed. The following are requirements that need to be met before embarking on a mortgage broker career in the state of Florida:
- You must be at least 18 years old. This is the minimum age to be able to enter into contract agreements.
- You have to have a high school diploma. A GED or equivalent is acceptable.
- You are required to take a minimum of 24 hours of classroom instruction. This needs to be done at an accredited mortgage pre-licensing school or training program.
- You must pass a written examination. The required classroom hours will prepare you to take the exam. Additional study hours are recommended.
- You are required to submit fingerprints to the Florida Department of Law Enforcement or to the FBI. Starting October 1st 2010 applicants must undergo a state and federal background check and credit report check. Licenses will need to be renewed yearly.
- You need to pay all associated fees for licensure. Current fees are $195 for first time loan originator applicants and $43 for the exam. There is also a $20 guaranty fund fee, and a $30 Nationwide Mortgage Licensing System (NMLS) fee that needs to be paid annually. After October 1st 2010 there will be additional fees imposed that will cover the mandatory background and credit checks.