Electronic Testing
Beginning January 5, 2009, the Office of Financial Regulation will be outsourcing
the Mortgage Broker exam to Pearson Vue (Promissor recently merged with
Pearson Vue).
All Mortgage Broker licensee applicants
eligible for the January exam, and all exams going forward, will be transmitted
nightly to Pearson Vue via an electronic list. Pearson Vue will then send
a mailing to the applicant with instructions on how to set up an appointment
with them for the exam. The exam will be conducted at Pearson Vue’s
testing centers via computer. Applicants will have their grade available
upon completion of the exam.
This computerized exam is now given six
days per week and three times per day. Your state application will take
approximately 2 -3 weeks to process.
When filing this form to apply for an initial
license, include the following non-refundable
fees:
Application fee - $195.00
Fingerprint Card fee - $43.25
Total non-refundable fees - $238.25.
The licensing fee amount is found at 494.0033(2)(c)
FS. The updated 2008 statutes can be found at:
http://www.leg.state.fl.us/Statutes/index.cfm?App_
mode=Display_Statute&Search_String=&URL=Ch0494/SEC0033.
HTM&Title=->2008->Ch0494->Section%200033#0494.0033
494.0033 Mortgage broker's license.--
Each natural person who acts as a mortgage
broker for a mortgage brokerage business or acts as an associate for a mortgage
lender or correspondent mortgage lender must be licensed under this section.
To act as a mortgage broker, an individual must be an associate of a mortgage
brokerage business, a mortgage lender, or a correspondent mortgage lender.
A mortgage broker may not be an associate of more than one mortgage brokerage
business, mortgage lender, or correspondent mortgage lender.
Each initial application for a mortgage
broker's license must be in the form prescribed by rule of the commission.
The commission may require each applicant to provide any information reasonably
necessary to make a determination of the applicant's eligibility for licensure.
The office shall issue an initial license to any natural person who:
Is at least 18 years of age and has a high
school diploma or its equivalent.
Has passed a written test adopted and administered
by the office, or has passed an electronic test adopted and administered
by the office or a third party approved by the office, which is designed
to determine competency in primary and subordinate mortgage financing transactions
as well as to test knowledge of ss. 494.001-494.0077 and the rules adopted
pursuant thereto. The office shall make available an electronic version
of the mortgage broker test no later than December 31, 2008. Applicants
shall bear the actual cost for the electronic version of the mortgage broker
test; however, the applicant's cost of the test may not exceed $75. The
commission may waive by rule the examination requirement for any person
who has passed a test approved by the Conference of State Bank Supervisors,
the American Association of Residential Mortgage Regulators, or the United
States Department of Housing and Urban Development if the test covers primary
and subordinate mortgage financing transactions. The commission may adopt
rules regarding the administration of the testing process, including, but
not limited to, procedures relating to pretest registration, test security,
scoring, content, result notification, retest procedures and fees, post
examination review, and challenge provisions. Any applicant who wishes to
review his or her completed and graded mortgage broker test shall bear only
the actual cost of the review; however, the applicant's cost of the review
may not exceed $35.
Has submitted a completed application and
a nonrefundable application fee of $195. An application is considered received
for purposes of s. 120.60 upon receipt of a completed application form as
prescribed by commission rule, a nonrefundable application fee of $195,
and any other fee prescribed by law.
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
Click
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