mortgage broker license

Florida Mortgage Broker License Requirements

mortgage broker licenseBusiness is booming in the Florida real estate market. Homes continue to sell as buyers are snatching up everything from condos to single-family homes. Real estate professionals in the state are reaping the benefits of the market’s success.

If you’re looking for an excellent way to take advantage of Florida’s favorable real estate market, you should look into mortgage broker licensing.

Why Should You Become a Mortgage Broker?

Mortgage brokers can hire individuals to work for them. Instead of having to produce clients on your own to get a paycheck, you can have others pounding the pavement to bring in new business for you.

Once you’re licensed, you can choose to continue pursuing your own borrowers, or you can focus on growing your team. Either way, the opportunity for growth will increase exponentially once you become a mortgage broker.

What Are the Requirements for Becoming a Mortgage Broker in Florida?

While obtaining a mortgage broker license in Florida might seem like a tall task, it’s very doable. And the requirements are not as complicated as you might think.

The guidelines fall under Florida’s Office of Financial Regulations Division of Consumer Finance and are administered by the Nationwide Multistate Licensing System (NMLS). Each state submits its rules for licensure to the NMLS, and they deal with ensuring licensees are in compliance.

Here are the state-specific requirements for obtaining a mortgage broker license in Florida.

Filing Requirements

To begin the process, you will have to submit the following through the NMLS:

  • Form MU1, which contains information about yourself and your company
  • A $425 filing fee
  • An FBI criminal history background check
  • A state criminal history background check
  • A credit report

Once you’ve completed these requirements, the NMLS will submit your application to the state for review. If something comes up in one of your criminal history background checks or your credit report, you might be required to provide additional information.

Minor negatives in your credit or criminal background history don’t bar you from becoming a mortgage broker. But the state might ask you to explain what happened, how you resolved it, and why you think the situation won’t occur again.

State Costs

While it’s costly to apply for a mortgage broker license in other states, it’s very affordable in Florida. Here are the approximate costs:

  • A $425 application fee for the state
  • The NMLS charges $100 for processing
  • FBI and state criminal background checks cost $38.75
  • A $15 credit report fee to the NMLS

The total is $578.75*, but that’s an approximate number because fees are subject to change. In New York, for example, you would be required to pay an investigation fee of $1,500 and obtain a surety bond of at least $10,000, so Florida’s costs are reasonable.

*Keep in mind; this does not include fees for reporting your course hours to the NMLS. Mortgage broker licensing educators include the entire course reporting fees in their prices to help ensure that process is easy.

Should You Consider Mortgage Broker Licensing in Other States?

Even if you live in Florida, you should strongly consider obtaining licenses in other states. While Florida requires you to maintain a physical location, every state has its own set of regulations, but many states allow you to operate online.

Getting licensed in multiple states enables you to tap into new markets and locations that weren’t available to you in the past. It also allows you to service past clients who might be leaving Florida, which, on its own, could open a whole new book of business.

The Time Is Now

Mortgage broker licensing in Florida is an affordable, straightforward process. While building a business is never easy, current market conditions in the state create an excellent opportunity for growth — the best time to jump into the mortgage industry is always when home sales are hot.

The Mortgage Licensing Group, Inc. is a full-service mortgage licensing firm headquartered in Southern California that is recognized throughout the industry as an experienced and reliable service provider. Established in 2006, our company has been on the forefront of the ever-changing rules and regulations, helping alleviate the often daunting task of meeting the diverse state licensing requirements for our clientele.