Mortgage Broker License Course - $289
Course Schedules
Qualifies for 24 Hour Pre-license requirement for FL State Exam
A Mortgage Broker is an individual who acts as an associate for either a licensed mortgage broker business or any lender licensed under Chapter 494, Florida Statutes. A licensed mortgage broker is authorized to solicit mortgage loans on behalf of a borrower, to accept an application, and to negotiate terms and conditions of a mortgage loan on behalf of a lender. A mortgage broker is prohibited from being an associate of more than one business entity at the same time (MMB, CL or ML).
Mortgage Brokers Application and Licensure Requirements:
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Florida residency not required;
- Be at least 18 years of age;
- Have a high school diploma or its equivalent;
- Complete 24 hours of schooling;
- Submit a completed application through the Real System (make link www.flofr.com/real) and a fingerprint card;
- Submit nonrefundable application fee, nonrefundable fingerprint fee of and nonrefundable exam fee. See current price schedule. These fees are paid at the time of application.
- Pass state test.
The purpose of the Mortgage Brokers License Course is to teach the fundamentals of mortgage lending in a simple and concise manner. The course manual is a complete and comprehensive guide for those entering the mortgage brokerage profession. No prior knowledge of the subject is required.
The Mortgage Brokers License Course includes a course manual with in depth chapters covering:
- Basic Mortgage Provisions
- State and Federal Law
- Mathematics
- The Loan Cycle from Application to Servicing
- Secondary Mortgage Market
plus
- Current FNMA underwriting guidelines
- Loan origination, processing, underwriting, closing and servicing mortgages
- Fannie Mae®, Department of Banking & Finance, and Mortgage Lending Forms
- Common abbreviations
- 200+ Mortgage Lending Terms
The State Exam
Upon receipt of an application filed through the REAL System, each test candidate will be responsible for scheduling his or her mortgage broker examination with the Office of Financial Regulation or its designee. The Office of Financial Regulation or its designee shall be responsible for the administration and grade notification of the Mortgage Broker Examination.
- The test consists of 110 multiple choice questions (100 scored and 10 pretest.)
- Passing grade is 75 or greater.
- Candidates have 3 hours to complete the test.
- Candidates will be permitted to use a non-programmable hand held or battery type calculator.
