FAQS

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:

• Florida residency not required;
• Be at least 18 years of age;
• Complete 24 hours of schooling;
• Submit form DBF-MB-101, fingerprint card and fee;
• 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

Mortgage Broker test sites are located in: Fort Lauderdale, Orlando, Port St. Lucie, St. Petersburg and Tallahassee. Florida Applicants will be assigned to the test location closest to them. Out of State applicants will automatically be scheduled for the Fort Lauderdale test location. Location changes requests must be made at time of application.

• The exam is offered once a month.
• The test consists of 100 multiple choice questions.
• Passing grade is 75 or greater.
• Candidates have 3 hours to complete the test.
• The test content is changed each month.