Becoming A Mortgage Originator In Florida: A Guide

If you're interested in becoming a mortgage loan originator in Florida, you'll need to obtain a Mortgage Loan Originator (MLO) license. This license is issued by the Florida Office of Financial Regulation and allows individuals to take residential mortgage loan applications and negotiate loan terms for properties within the state. To obtain this license, you'll need to complete several steps, including creating an NMLS account, fulfilling pre-licensing education requirements, undergoing a criminal background check, and passing the SAFE Mortgage Loan Originator Test.

Licensing requirements

To become a mortgage originator in Florida, you must obtain a Mortgage Loan Originator (MLO) license. Here are the licensing requirements:

Firstly, determine whether you need a license. If you work for a non-depository institution, such as an independent mortgage company, you must be licensed. However, if you work for a bank, credit union, or government organization, a license is not required.

Next, you must decide on your career goals. Consider whether you want to be a neighborhood lender, developing relationships within a community, or if you prefer the faster pace of a volume-driven phone bank. This will help you choose an MLO employer that aligns with your goals.

To obtain your MLO license, you must complete several steps, including education, examinations, background checks, and fee payments. Here is a detailed breakdown:

Education:

Complete 20 hours of pre-license education, including 18 hours of general NMLS-approved education and a 2-hour Florida-specific elective course. You can choose to take these courses in a classroom, via livestream, or online. The Florida-specific course must be completed within 90 days of purchase, and you must pass the final exam to receive credit.

Examinations:

After completing your education, you must pass a licensing exam, also known as the SAFE MLO Test or MLO exam. This exam is administered by Prometric and consists of 115 scored questions. You must answer at least 75% correctly to pass. The exam costs $110 and is three hours and ten minutes long.

Background Checks:

You will need to submit to criminal background checks, including FBI and Florida state checks, and submit your fingerprints. Additionally, some states require a credit report check.

Fees:

There are several fees associated with obtaining your MLO license in Florida. These include a $195 application fee, a $30 NMLS fee, a $36.25 FBI background check fee, a $24 Florida state background check fee, and potentially a $15 credit report check fee.

Once you have completed these requirements, you can submit your application for a Mortgage Loan Originator license through the NMLS website.

Registering with NMLS

To register with the NMLS, you must first create an account on the State Mortgage Registry website. This is a mandatory step for all aspiring Florida MLOs. Once registered, you will receive a personal NMLS number, which will be your identifier for the duration of your career as a Mortgage Loan Originator.

Next, you will need to complete your Florida mortgage Pre-license Education ("PE"). This includes 20 hours of coursework, comprising 18 hours of general NMLS-approved education and a 2-hour Florida state-specific elective. These courses are available online, but only through desktop and laptop computers.

After completing your pre-licensure education, you will need to schedule and pass a licensing exam, also known as the SAFE MLO Test. This exam is administered by Prometric and costs $110. It consists of 115 scored questions, and you must answer at least 75% correctly to pass.

Once you have passed the exam, you can apply for your Florida mortgage license through the NMLS website. You will also need to complete background checks and pay all associated fees. These include a $30 NMLS fee, a $36.25 FBI criminal background check fee, and a $24 Florida state criminal background check fee.

Finally, you will need to associate your NMLS account with an employer. This step will allow you to start doing business in Florida as a Mortgage Loan Originator.

Education and exams

To become a mortgage originator in Florida, you must complete a pre-license training program. This is a requirement by the NMLS (Nationwide Mortgage Licensing System). You can take courses online, in a classroom, via livestream, or through instructor-led online courses.

The NMLS approves online MLO courses for consumption on desktop and laptop computers. They are not approved for use on small hand-held electronic devices such as tablets or smartphones.

The pre-license education must include 18 hours of general NMLS-approved education and a 2-hour Florida-specific elective. The 2-hour course must be completed within 90 days of purchase. The Florida-specific course is required by the Florida state licensing agency, also known as the Florida Office of Financial Regulation.

The 20-hour SAFE Comprehensive course is also available. This course includes all course content, infographics, key terms, and supporting documents covered in the course. Students have 30 days to start the course from the date of purchase and must complete the course materials and pass the final exam by 11 pm on the 14th day of the course.

After completing your education, you must then pass a licensing exam. This is sometimes called the "SAFE test" or "MLO exam". The exam has 115 scored questions, and test takers must answer at least 75% correctly. It costs $110 to take, and students are given 3 hours and 10 minutes to complete the test.

Application and fees

To apply for a Mortgage Loan Originator (MLO) license in Florida, you must first create an account with the National Mortgage Licensing System (NMLS) and obtain an NMLS ID. This process is straightforward and only takes a few minutes.

Once you have your NMLS ID, you can begin the educational component of licensing. In Florida, you must complete 20 hours of pre-licensing coursework, including 2 hours of Florida-specific content, to meet the education requirements. The 20-hour SAFE course can be taken online as an instructor-led course over a 14-day period, while the 2-hour Florida state module is an online self-paced course that can be completed at your own pace.

After completing the required coursework, you can apply for your MLO license through the NMLS website. Log in to your NMLS account, select the "Filing" tab, and then "Individual" if applying as an individual. Next, select "Request New/Update" and click "Continue" if you are responsible for paying the filing fees. These fees are non-refundable.

The total cost of the state and FBI criminal background check is $36.25. Additionally, there is a $24 fee for a Florida state criminal background check and a potential $15 fee for a credit report check.

After submitting your application, the Florida Office of Financial Regulation (OFR) will review it, which typically takes 30 to 60 days. You can expect to receive your MLO license within 2 to 4 months after completing all the necessary steps.

Career goals and job roles

To become a mortgage originator in Florida, you must obtain a Mortgage Loan Originator (MLO) license. This is also referred to as a "mortgage broker" or "loan officer" license. The license is issued by the Florida Office of Financial Regulation (OFR) and requires the completion of certain education and examination requirements.

Before beginning the educational component of licensing, you must create an account with the National Mortgage Licensing System (NMLS). This is a national database in which all Florida MLOs must register. After creating an account, applicants receive a unique NMLS ID number, which will be their license number for the duration of their career.

The next step is to complete the required pre-license education. In Florida, this includes 20 hours of coursework, consisting of 18 hours of general NMLS-approved education and a 2-hour Florida state-specific elective. The state-specific course must be completed within 90 days and covers Florida laws relevant to the role of a mortgage loan originator.

After completing the required education, you must pass a licensing exam, also known as the SAFE MLO Test. This exam is administered by Prometric and consists of 115 scored questions, with a passing score of 75%. In addition to the national exam, Florida requires applicants to pass the state-specific FL SAFE exam, which focuses on state laws.

Once you have passed the required examinations, you can apply for your Florida mortgage license through the NMLS. This includes submitting to background checks and paying all associated fees. The total cost of obtaining a mortgage loan originator license in Florida is approximately $335, including application and NMLS fees, as well as fees for FBI and state criminal background checks.

After obtaining your license, you can begin searching for companies in Florida that align with your career goals and job preferences. Some MLOs prefer to work as neighborhood lenders, developing relationships within a community, while others prefer the fast-paced environment of a volume-driven phone bank. It is important to consider your preferred work style and the type of employer that will best fit your career goals.

Frequently asked questions