Home to some of the country’s best theme parks, Florida is an attraction to many home buyers looking for vacation rentals, warmer winters, and even retirement. With soft sandy beaches, hugged by a warm, clear ocean, Florida is a great place to buy a home if you’re looking for fun!
Well, let’s dive in to the details of what to expect while applying for a license in America’s 2nd most tropical state.
Mortgage Company License:
There are three types of mortgage company licenses offered by the Florida Office of Financial Regulation:
- Mortgage Broker License
- Mortgage Lender License
- Mortgage Lender Servicer License
Each one serves a purpose in the mortgage lending world. Distinguished by business activities, these three licenses are required to originate loans in the state of Florida and are pretty self-explanatory, depending on the direction in which you’re going. Though, it may appear to be a simple process, Florida has a few other details to consider while obtaining your mortgage license.
Don’t be Caught Off Guard:
First, and most importantly, a licensed LO with at least one year in the mortgage broker business is required for the approval to become a broker in Florida. This requires 20 hours of prelicensure education, an additional 2 hours of state specific education, and a percentage of 75% or higher on the SAFE Exam prior to submitting the application. Florida also requires a separate criminal background through the state of Florida, in addition to the federal background check and credit report required by the NMLS.
Because Florida takes your criminal and financial history seriously, it is recommended to gather all documents pertaining to any events they may find during the process. This includes: court documents, payment plan agreements, letters containing results from any judgments, and plenty of time between the incident and the submission of your application.
When it comes to breaking the law, Florida is very strict on their approval process for licensure. Any missed deadline, or any committed crime described as a Class A crime – see 69V-40.00112 in Rule Review
– could result in a denial, or withdrawal, of your license application. If you have a Class A crime in your criminal history, you are ineligible for a Florida Mortgage Loan Originator License. If you want to learn more about obtaining an LO license in FL, our License Specialists will be happy to help you along the way!
It Takes Money to Make Money
There is no bond requirement for a Florida mortgage license, however, you will need audited financials to become a lender in the Sunshine State. Though you may not need to provide your personal financials, you will need a to have met the $63 K net worth requirement to become a lender or servicer.
Avoid being in the Mortgage Everglades of Florida Licensing! If you have any questions regarding your application, or thinking about expanding into FL, call MLG! They’re the licensing firm who makes mortgage licensing easy! They’re The Mortgage Licensing Group!
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We at 7th Level Mortgage are an experienced team of mortgage professionals based out of New Jersey and serving the east coast from Pennsylvania to Florida including Delaware and Maryland. We have won numerous awards for our excellent professional work and reputation with clients for being extremely diligent, accessible and hands-on throughout the entire mortgage process.