Florida mortgage licensing

Mortgage Broker Licensing

License:  Florida Mortgage Broker License

Physical Office Required:  No
Qualifying Individual Required: Yes, 1 year experience, must be a licensed Florida MLO
Minimum Net Worth:  None
Financial Statements:  Unaudited
Surety Bond Amount:  None
Company License Fee:  $579

Mortgage Lender Licensing

License:  Florida Mortgage Lender License

Physical Office Required:  No
Qualifying Individual Required:  Yes
Minimum Net Worth:  $63,000
Financial Statements:  Audited
Surety Bond Amount:  None
Company License Fee:  $654

Regulated by:

Financial Services Commission
Office of Financial Regulation
200 E. Gaines Street
Tallahassee, FL 32399
Phone: 850-410-9805
Fax: 850-410-9882

 

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How to Obtain a Florida Mortgage Broker License

To obtain a Company Mortgage License in Florida, follow these steps:

  1. Apply for NMLS Account and ID Number:

    • Start by applying for your NMLS account and obtaining an ID number through the National Mortgage Licensing System (NMLS).

  2. Complete the Required Forms:

    • Submit the necessary forms through the NMLS:
      • Form MU1: Contains information about your company.
      • Form MU2: Completed for each control person listed on Form MU1.

  3. Pay the Filing Fee:

    • Pay the required filing fee (currently $425).

  4. Background Checks and Documentation:

    • Complete an FBI criminal history background check.
    • Ensure you have all required documentation ready.

How to Obtain a Florida Mortgage Lender License

To obtain a Florida Mortgage Lender License, you need to follow the requirements set by the Florida Office of Financial Regulation (OFR). Here’s a step-by-step guide:

  1. Meet Pre-Licensing Education Requirements:

    • Complete at least 20 hours of NMLS-approved pre-licensing education courses. These courses cover federal and state mortgage laws, ethics, mortgage origination practices, and Florida-specific regulations.

  2. Background Check:

    • Undergo a criminal background check, including fingerprinting. You must have a clean criminal record to be eligible for licensure.

  3. Surety Bond:

    • Obtain a surety bond in the amount required by the OFR. Currently, the bond amount is based on the volume of mortgage loans originated or serviced by the licensee. The minimum bond amount is $25,000.

  4. Net Worth Requirement:

    • Meet the net worth requirement set by the OFR. Currently, mortgage lenders must have a net worth of at least $63,000, with an additional $25,000 for each branch location. The financial statement must be audited by a CPA.