How to become a mortgage loan officer in Florida

It is no secret that working as mortgage loan officer is a fulfilling career. Not only does it provide good networking potential, but it also offers growth and security on top of being a profitable job. This is why many are aspiring to enter the industry in the United States, particularly in the state of Florida.

In this article, Mortgage Professional America will explore how to become a mortgage loan officer in Florida. We will also shed light on the requirements needed to work as one as well as how much a Floridian loan officer can make. If you’re serious about this career, subscribing to our trusted mortgage newsletter is essential!

What is a mortgage loan officer?

A mortgage loan officer authorizes and evaluates loans for corporate and individual functions. They help potential borrowers choose the best loan based on their financial capacity and objectives.

Mortgage loan officers versus mortgage brokers

Since their role is also client-facing, mortgage loan officers work in a similar manner to mortgage brokers. However, they are under a particular mortgage lender or bank. In turn, mortgage loan officers can only introduce the loan products and services offered by their employer-lender.

On the contrary, most mortgage brokers are not tied to any lending company. They can choose to partner with numerous banks or lenders to provide many options for their clients.

However, both professions are required to be licensed and maintain compliance with state and federal regulations that govern the mortgage industry.

Financial institutions that employ mortgage loan officers

Aside from mortgage lenders and commercial banks, loan officers can also be employed by these financial institutions:

• credit unions
• independent brokerage firms
• real estate firms
• online lending platforms
• Government-Sponsored Enterprises (GSEs)
• mortgage insurance companies
• other related organizations

Becoming a mortgage loan officer in Florida opens a lot of doors in terms of your financial and professional growth. It can also give a great boost to your work portfolio.

If you are interested about making a living out of this profession but are not based in Florida, you can read our guide on how to become a mortgage loan officer in 10 steps.

What are the steps on how to become a mortgage loan officer in Florida?

To become a mortgage loan officer in Florida, you need to get a license, pass the exam, and complete all requirements imposed by the state. These criteria are also required for aspiring loan officers in other US states. Here are the six steps on how to become a mortgage loan officer in Florida:

1. request an NMLS account
2. finish NMLS-approved pre-licensure education
3. pass Secure and Fair Enforcement Act (SAFE) mortgage loan officer test
4. have the state and FBI run criminal background checks
5. finish NMLS application
6. get employer sponsorship

Let us take a closer look into each requirement to further understand how to become a mortgage loan officer in Florida:

1. Request an NMLS account

You need to request an account with the Nationwide Multistate Licensing System or NMLS. This system is used not only in Florida but across the country to register and track mortgage loan officers.

After making the request, you need to take the mortgage loan officer exam for Floridians. This is administered by NMLS as well. The exam will be about the mortgage industry and will focus on these topics:

• ethics
• federal law
• general electives
• Florida-specific defined electives
• non-traditional mortgage lending

Next, you need to submit a license application through the NMLS Consumer Access portal. Be sure to provide the details below:

• personal information
• employment history
• background check

After that, you are required to pay for the following licensing fees:

• application fee
• first-year licensing fee
• credit report fee

How much does it cost to become a mortgage loan officer in Florida?

The NMLS application fee is $30. Plus, there is a $195 licensing fee required for the first year. At the time of application, a credit report must also be submitted. Aspiring loan officers in Florida will need to pay a separate fee of $15 for this report.

Below is a checklist of the fees associated with the NMLS application process. Feel free to take print this for your reference:

The total cost for the NMLS application and Florida licensing process is $240.

2. Finish NMLS-approved pre-licensure education

Next, you will need to complete a pre-licensure education program approved by the NMLS. This training program is designed to help you develop the skills and knowledge needed to thrive as a mortgage loan officer in Florida.

3. Pass Secure and Fair Enforcement Act (SAFE) mortgage loan officer test

Once you have completed the NMLS pre-licensure education program, you need to take and pass the SAFE Mortgage Loan Officer Test. This exam will evaluate all that you have learned from the NMLS program and assess your knowledge of the mortgage industry.

Aside from that, the SAFE test will determine your readiness to work. It will let you know if you need to study further or if you can proceed to the next step.

4. Have the state and FBI run criminal background checks

After the SAFE mortgage loan officer test, you need to let the state of Florida as well as the FBI conduct criminal background checks on you. This is necessary for them to analyze your profile as an individual and see if you have or are involved in any criminal activity.

You might encounter some challenges if the state authorities and the FBI find anything that they deem to be suspicious. Any criminal activity found in the analysis might even lead to the rejection of your license application. To avoid problems in your application to become a mortgage loan officer in Florida, make sure that you have a clear record.

How to make a criminal background check request to the FBI

There are three ways provided by the FBI for requesting your criminal history (“rap sheets” or “identity history summary checks”) or proof that you have none:

1. online
2. mail
3. FBI-approved channeler

Let us look at the steps per option:

A. Online

This option is the fastest way to submit your request to the FBI.

1. visit the Electronic Departmental Order - Criminal Justice Information Services (CJIS)
2. follow the steps under the “Obtaining Your Identity History Summary” section provided in the link above

B. Mail

You can also choose to mail your request.

1. complete the applicant information form
2. get your fingerprints on a standard fingerprint form (FD-1164)
3. pay the Rap Sheet fee of $18 per person
4. review your requirements
5. send your required materials
6. wait for a response by first-class mail via the U.S. Postal Service

You can download the Identity History Summary Request or FD-1164 through the FBI website for free.

C. FBI-approved channeler

For this option, an FBI-approved channeler will make the request on your behalf. These channelers are private businesses that have contracted with the FBI for such a function. They will:

1. receive your fingerprint submission and relevant data
2. collect the fees
3. forward your fingerprint submission with the necessary information to the FBI for a national Identity History Summary check
4. receive the electronic summary check result and share it with you

Photo alt text (not a caption, so this should not appear on the web page): FBI website showing rap sheet or identity history summary from their list of services, a requirement on becoming a mortgage loan officer in Florida

5. Finish NMLS application

The fifth step is finishing your NMLS application. With its completion, all necessary information about you (such as your qualifications) will be consolidated in one place. This will enable you to work legally as a mortgage loan officer in Florida.

6. Get employer sponsorship

Once you finish the required educational program, pass the exam, and get your license, you are now on the last step: get an employer to sponsor you.

This step is highly beneficial for mortgage loan officers since financial institutions like banks and mortgage lenders will help you complete the application process.

After that, they may hire you as a loan officer whose main job would be to present the bank or lender's loan products and services to clients.

Now that you understand the criteria above, your next objective is to learn a few important skills on how to become a mortgage loan officer in Florida. But before that, watch this video about what to do on your first 30 days as a new loan officer:

Essential skills to become a successful Floridian loan officer

Aside from the requirements, there are also several essential skills that are great to have and develop to be successful in this career. Here are four of them:

1. effective communication
2. interpersonal skills for client-facing tasks
3. proficiency in financial analysis and underwriting
4. detailed knowledge of mortgage products and regulations

How much do mortgage loan officers make in Florida?

Mortgage loan officers can earn up to $56,046 every year in Florida. As for their salary per month and per week, they have an average monthly pay of $4,670 and an average weekly pay of $1,077.

Currently, Floridian loan officers are paid approximately $26 on an hourly basis. These numerical figures are from ZipRecruiter’s report on the average loan officer salary by state.

Want to know how much you can make in other US regions? Take a look at these guides on how to:

• Become a mortgage loan officer in California
• Become a mortgage loan officer in Texas
• Become a mortgage loan officer in Georgia

Launching your career as a mortgage loan officer in Florida

Like most professions, it will not be a walk in the park for those who aspire to become mortgage loan officers in Florida. It takes work, and you’ve got to take the right steps. Whether you want to work part-time or full-time, you are required to meet all the qualifications and comply with state and local regulations.

Still, launching your career as a Floridian mortgage loan officer can be greatly rewarding. You just need to give it your best shot and persevere. Successful mortgage professionals in the industry thrive due to their hard work and commitment. You can find some of them on our Best in Mortgage page.

What do you think about this guide on how to become a loan officer in Florida? Do you have other tips to share? Feel free to share your thoughts in the comments section below.