Additional Florida Resources
The Florida Department of Banking and Finance. Division of Finance, in Tallahassee handles all aspects of the mortgage license laws in Florida. The complete Florida Mortgage Law can be read online.
The current regulations regarding Mortgage Brokers in Florida became effective in July 1992. They affect anyone who solicits mortgage loans on behalf of someone borrowing, who accepts an application for a mortgage loan, or who negotiates the terms and conditions of a mortgage loan for a lender of the money. All Mortgage Brokers must be an associate of a Mortgage Broker Business that is also licensed by the State of Florida. However, a Mortgage Broker may only be an associate of one Mortgage Brokerage in Florida. Once licensed in Florida, the Mortgage Broker may work with both 1st mortgages and 2nd mortgages.
To have a Mortgage Broker career in Florida one must be at least 18 years of age and pass a written examination that reflects a strong knowledge of the Florida Mortgage Brokerage and Lending Act, the Florida Fair Lending Act, the Patriot Act, all federal lending and housing regulations, complete knowledge of FHA/VA and Conventional mortgages, Fannie Mae underwriting guidelines and closing procedures, basic real estate knowledge such as surveys and
deeds, plus mathematical calculations pertaining to financing.
Before taking the mortgage exam the Florida statutes require the applicant to take 24 hours of classroom instruction at a qualified mortgage prelicensing school that meets minimum accreditation requirements. In order to pass the examination, additional study time is highly recommended. After obtaining a license, the Mortgage Broker must take an additional 14 hours of continuing education classes during the next two years from an approved continuing education provider.
All applicants for the Florida Mortgage Broker License must provide full legally-provided fingerprints for submission to either the Federal Bureau of Investigation or the Florida Department of Law Enforcement. Any actions pending that involve dishonest dealing, fraud, or acts of moral turpitude will be grounds for denial of the license.
The license application fee is $195 for new licensees, and the exam fee is $43. However, if the applicant needs to retake the examination, an additional fee is charged.
The Florida Association of Mortgage Brokers. an affiliate of the National Association of Mortgage Brokers (NAMB). provides meaningful information for consumers on its website, including videos of the mortgage process, important regulatory information, and down-payment assistance. The NAMB is an important connection to have as you become a Mortgage Broker in Florida.