Step 1: Request your NMLS Account
Start your journey to become an mlo by requesting an NMLS account through the Nationwide Multistate Licensing System & Registry (NMLS), which is also commonly referred to as the Nationwide Mortgage Licensing System. If you already have an NMLS account, and are looking to add Florida to your mortgage license, skip to step #3.
Step 2: Receive your personal NMLS ID number
You will be issued a unique NMLS ID number upon completing the NMLS registration process, which you can use for the duration of your employment as a licensed loan officer. Your license in Florida, as well as any other states you may think about obtaining one in, such as Georgia, Alabama, or North Carolina, is issued using the same NMLS ID.
Step 3: Review Florida’s state-specific mortgage licensing requirements
Use the NMLS Resource Center’s State Licensing website to find out Florida’s specific licensing requirements. The extra steps needed to get your MLO license in Florida are listed here. For each additional state you wish to obtain a license in, you should finish this step.
Step 4: Complete national and Florida pre-licensing mortgage coursework
Complete the required 20 hours of pre-licensing coursework. Pre-licensing courses for mortgage loan officers address a variety of subjects, including the foundations of the mortgage industry, financial laws, ethics, and professional conduct. In Florida, two more hours of work that are devoted to state-specific laws and regulations need to be finished.
Morty recommends Oncourse Learning as a pre licensing course provider. Please get in touch with us through our Platform Loan Officer program if you would like any more suggestions.
Step 5: Prepare for the national mortgage SAFE exam
After you’ve completed your 20 hours pre license education and the additional 2 hours of Florida specific education, it’s time to study for your SAFE exam. First you’ll want to purchase your SAFE test prep materials and practice tests to begin studying and getting ready for the Secure and Fair Enforcement (SAFE) exam. This exam was instituted by Congress as part of the Secure and Fair Enforcement for Mortgage Licensing Act, known as the SAFE Act, of 2008.
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It is necessary for you to pass the NMLS’s Safe Mortgage Originator Test with a score of at least 275% in order to obtain your MLO license. This test is designed to gauge how well you understand the fundamentals of mortgage lending. The SAFE exam is 190 minutes long, and costs $110.
Schedule your test at your convenience and when you feel prepared. If you don’t pass the exam on your first attempt, you’ll have to wait 30 days before retaking the SAFE exam.
Step 7: Complete a background check and get fingerprinted
After that, you have to get your fingerprints taken and finish a criminal background check. The background check can be initiated through your NMLS portal. Additionally, you can schedule your fingerprinting appointment via the NMLS portal. The present fee for the fingerprinting and background check is $36. 25.
Step 8: Submit your mortgage license application to NMLS
Once you’ve passed your test and completed your background checks, you’re ready to submit your Florida mortgage license application! To submit your application, head to your NMLS portal to: complete your Individual Form (MU4) and pay your NMLS fees. The cost to submit your mortgage officer license in Florida is: $30 NMLS application fee, a $195 state agency application fee and a $15 credit report fee.
Once you have located and secured employment with a mortgage originator—that is, a mortgage broker such as Morty or a mortgage lender such as a bank or credit union—you can start the sponsorship process by sending the NMLS the company’s credentials for validation. Congratulations! You will have your Florida mortgage loan originator license as soon as NMLS grants final approval.
After passing the SAFE exam and finishing the pre-licensing requirements to become a mortgage originator in Florida, the next step is to decide which mortgage company will sponsor your license.
Morty is a licensed mortgage broker who is an internet-based, technology-enabled broker, and we would love to sponsor you! Through our lender marketplace, competitive pricing, affordability tools, underwriting technology, and the integrated support of our processing and fulfillment teams, Morty provides loan officers and their clients with a better, more seamless mortgage experience.
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Interested in getting your MLO license in multiple states?
If you’re a mortgage loan officer already, you might be interested in obtaining licenses in several states to expand your clientele and seize new chances. You must complete the extra educational requirements and submit your license application through NMLS for each state in order to obtain a license in a state other than Florida.
Joining the Morty platform as an MLO
Licensed MLOs can quickly and easily get sponsored by Morty and work off our platform. We’re so sure that new MLOs will enjoy working with Morty that, once you’ve been sponsored and fully onboarded to Morty, we’ll even reimburse you for the costs of pre-licensing, exams, and applications.
FAQ
What is required to be a loan officer in Florida?
Loan officers in the state of Florida are required to finish a financial services training program that covers fundamental legal and financial concepts. Twenty hours of instruction are needed as a minimum, two of which must be in a Florida-specific course.
How much do mortgage loan officers make in FL?
In the Florida region, a mortgage loan officer’s annual total compensation is estimated to be $138,968, with an average salary of $68,824. The midpoint of the ranges from our unique Total Pay Estimate model, which is based on salaries gathered from our users, is represented by these numbers, which are called the median.
How long does it take to get MLO license in Florida?
The SAFE Act mandates that you complete a minimum of 20 hours of pre-license instruction. Some states have additional mortgage licensing requirements. To view a comprehensive list of state requirements, visit the NMLS website. Florida Education Requirements: Complete 20 hours of prerequisite coursework and obtain a license.
How much does it cost to get your MLO license in Florida?
Visit your NMLS portal to complete your Individual Form (MU4) and pay your NMLS fees in order to submit your application. In order to apply for a mortgage officer license in Florida, you must pay $30 to the NMLS, $195 to the state agency, and $15 to a credit report.
Read More :
https://www.morty.com/resources/loan-officers/becoming-a-loan-officer-in-florida
https://www.oncourselearning.com/mortgage/florida/mlo-career-guide