Real Estate, Mortgage Broker, Life/Health Insurance, Series 6, Property/Casualty

Frequently Asked Questions for Mortgage Broker License

1. If I get my Florida mortgage broker license, can I then start originating loans on property located in Florida?

Not yet. Obtaining an INDIVIDUAL mortgage broker license would allow you to do Florida business only when you either:
• Place your license with a Florida mortgage brokerage business, Mortgage Lender or Correspondent Lender
• Own a Florida mortgage brokerage business, correspondent mortgage lender or mortgage lender operation. Once you have taken the 24 hour course, passed the state exam and received your individual mortgage broker license, obtaining a mortgage brokerage business license is just a matter of sending the appropriate money. The requirements to be a correspondent lender or mortgage lender are tougher but have to do with net worth requirements.

2. Do I have to go to Florida to take the state exam?

Yes. At this time, the State of Florida makes everyone come to Florida to take the state exam.

3. How long is the course and when is it given? The course is a 24 hour class which is given over a 2 day period of Saturday and Sunday from 8:00am to 8:00pm. There is a lunch break with intermediate breaks during the day.

4. What is the cost of obtaining my Florida mortgage broker license?

Your investment for the course is $199 plus $40 for the book. The amount of money you will send to the State of Florida for your application is $223. Remember these are business expenses, educational, and career enhancement courses which may be tax deductible. Please consult with your tax advisor for the tax deduction.

5. What does the course include?

The course includes 24 hour of prelicensing instruction

6. How long is the license valid?

The initial license is good until August 31 of the next odd numbered year. If you pass your test in June, July or August of an odd numbered year, the State will give you an option. Get licensed immediately but pay the $150 when August 31, 2005 arrives or the State will withhold actually issuing your license until September 1, 2005. So, the initial license is only good for the remainder of the two year period you happen to be in. After that, the new license is good for the full two years (renewing August of every odd year). The cost for license renewal is $150 every two years.

7. How can I get a Florida Mortgage Business or Mortgage Lender License?

Show proof that you have been in the Mortgage or Bank lending related business for more than one year. For more information visit www.dbf.state.fl.us/licensing to get all the information you want.

8. Is there any Mortgage Broker license reciprocity with any other state?

No. Unfortunately Florida does not recognize any out of state mortgage license. They do recognize mortgage related experience in another state if you plan to become the principal broker or principal representative of a new Florida company.

The only way you could originate loans in Florida without having a Florida mortgage broker license is to actually be an employee (w-2) of a Mortgage Lender or Correspondent lender. If you would like to originate loans throughout the United States and become an employee of a Mortgage Lender please call for more information 305-761-2993

9. If I open my own business in Florida, must I have a principal place
of business? Must it be in Florida?

Yes, you must have a principal place of business but the good news is it can be located anywhere in the WORLD! Some states are called “brick and mortar” states because you must have a physical office in that state to operate. Not in Florida.