When learning how to become a mortgage broker in Florida, follow these steps
If you want to become a mortgage broker in Florida, you will first need to obtain a mortgage broker license.
In The Sunshine State, you need to go through the state-specific Office of Financial Regulation (OFR) to become licensed. You also need to create an account with the National Mortgage Licensing System (NMLS). Both have requirements that you will need to meet if you want to get a license.
In this article, we will break down the steps you must take to become a mortgage broker in Florida, plus the licensing requirements. We will also outline the associated costs. Here is everything you need to know about how to become a mortgage broker in Florida.
The six steps to become a mortgage broker in Florida
Are you interested in how to become a mortgage broker in Florida? If so, you will need to complete a few steps—six in all. But don’t worry. They become straightforward once you know what you have to do. Here is a look at how to become a mortgage broker in Florida:
- Apply for NMLS account/ID number
- Complete NMLS pre-license education
- Pass NMLS mortgage licensing exam
- Apply for NMLS license
- Complete background checks/pay fees
- Associate NMLS account with employer
To help you on your way to become a mortgage broker in Florida, here is a breakdown of each of these steps. But before we get started, take a look at our article on how to become a mortgage broker in the US for a quick overview.
1. Apply for NMLS account/ID number
NMLS stands for the National Mortgage Licensing System. The NMLS is used to process mortgage licensing requests across all 50 US states, including Florida. To become a mortgage broker, you must first create an account, which is simple—and necessary. This process should only take a couple of minutes to complete.
Here are the steps you need to take to create an NMLS account:
- Request an NMLS account through the online registration portal
- Choose the individual option
- Provide the information required and submit the application
- Prepare for pre-license courses
2. Complete NMLS pre-license education
To become a mortgage broker in Florida, you must complete the required 20-hour NMLS SAFE pre-licensing course. This also includes two hours of Florida state-specific content, plus additional course work required by the Florida state licensing agency, the Office of Financial Regulation (OFR).
Remember: all 50 states require 20 hours of mortgage education from an NMLS-approved mortgage school. If you want to get a new mortgage license, ensure that you enroll in the 20-hour SAFE course. This should be in addition to any state-specific educational requirements.
3. Pass NMLS mortgage licensing exam
After you have successfully completed your pre-licensing education, you must schedule an appointment to take the National Test Component with Uniform State Content. You can do this through your NMLS account.
Let’s break down the different components:
SAFE MLO National Test Component
The SAFE MLO exam covers federal mortgage-related laws, general mortgage knowledge, and ethics, among others. Here is a look at the test details:
- 190 minutes
- Cost $110
- 120 questions, 115 scored
Uniform State Content
The Uniform State Content (UST) portion of the exam covers the following:
- Compliance
- Definitions and documents
- License law and regulation
- Regulatory authority, limitations, and responsibilities
Florida Office of Financial Regulation
Florida requires at least 20 hours of pre-license education. You must meet at least one of these conditions:
- Pass on both the National and Florida State components of the SAFE exam;
- Pass on both the National and stand-alone UST components of the SAFE exam; or
- Pass on the National Test Component with Uniform State Content
4. Apply for NMLS license
Next, you can apply for your NMLS license. In the state of Florida, you can apply for your NMLS license by taking these steps:
- Log in to NMLS account
- Select the filing tab (top of the screen)
- If applying as an individual, select “individual”
- Click request new/update. If you are paying the filing fees, click “continue”. (If you are already employed by a mortgage company, your employer might handle this step for you.)
- Click “add” to apply for your Florida license
- Select appropriate Florida license and click “next”
- Verify info
- Before proceeding, read the final page carefully. Click “finish” if the info is correct
5. Complete background checks/pay fees
The SAFE Act established registration and licensing standards for mortgage professionals. To receive your Florida mortgage license, you must provide the following information and pay the fees that come with them:
How to become a mortgage broker in Florida: background checks and fees.
6. Associate NMLS account with employer
To become a mortgage broker in Florida, you must find a state-licensed employer to sponsor your NMLS ID. The sponsorship indicates to governing agencies that your employer will supervise your license. You can submit your sponsorship through the NMLS ID. After your employer sponsorship is associated with your NMLS ID, you can do business in Florida.
Costs to become a mortgage broker in Florida
To become a mortgage broker in Florida, you need to get a mortgage broker license, which requires an application fee of $425. Additional fees include a $100 NMLS fee and a $38.75 FBI criminal background check.
To become a mortgage loan originator, you will need to pay a $195 application fee and a $30 NMLS fee. Additional fees include a $36.25 fee for FBI criminal background check and a $24 Florida state criminal background check. You might also be charged a $15 fee for your credit report check.
Earning potential of mortgage brokers in Florida
The average salary for a mortgage broker in Florida is roughly $100,000 per year, or $48.08 per hour, according to Talent.com. Entry level mortgage brokers in Florida make about $75,000 per year, while more experienced mortgage brokers in the state can make upwards of $145,000 per year.
Jacksonville has the highest average salary for a mortgage broker, at $100,000. Fort Lauderdale is second at $97,500 and Tampa is considerably lower at $68,000. The average salary for a mortgage broker in Miami is $60,000.
Licensing requirements for Florida's mortgage brokers
Does a mortgage broker need a license in Florida? The answer is, yes. Chapter 494, Florida Statutes, states the following: "a license is required for an entity conducting loan originator activities through one or more licensed loan originators employed by the mortgage broker or as independent contractors to the mortgage broker.”
Become a mortgage broker in Florida to help families and businesses!
Mortgage brokers are essential to the mortgage industry, in Florida as elsewhere. They help families and business owners along their way to purchasing the property that will make their dreams come true. When determining how to become a mortgage broker in Florida, you may run into challenges in the application process. However, there are also many perks and benefits once you are licensed.
Remember: the more knowledge you have, the better off you will be.
If you're truly interested in becoming a mortgage broker in Florida or anywhere, take the time to look at the mortgage professionals we highlight in our Best of Mortgage section. Here you will find the top performing mortgage professionals, including mortgage brokers, across the USA.
Did you find these tips on how to become a mortgage broker in Florida useful? Have you recently earned your mortgage broker license in Florida? Let us know in the comment section below.
