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Home Property Tips :: Florida Mortgage Broker License
Florida Mortgage Broker License: Finding a Florida Mortgage Broker With a License
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A Florida Mortgage Broker License is issued by the Florida Office of Financial Regulation, but what does that mean? If you're looking for a licensed mortgage broker, how do you know what qualifications and requirements that broker needed to meet? And what standards are they held to? For answers to these questions and more, keep reading?
What powers does a Florida Mortgage Broker License give you?
A licensed mortgage broker in Florida can solicit home mortgage loans, accept loan applications, and negotiate terms and conditions of a home mortgage on the behalf of a lender.
What are the requirements to obtain your mortgage brokers' license in Florida?
A licensed mortgage broker in Florida must be at least 18 years old and pass an exam that demonstrates they understand the Florida Mortgage Brokerage and Lending Act, the Patriot Act, the Florida Fair Lending Act and all pertinent federal lending and housing regulations. They must also show a thorough understanding of conventional mortgages, FHA loans and VA mortgages, Fannie Mae guidelines, and an overall basic real estate knowledge.
Before they can take the exam, applicants must attend at least 24 hours of classroom instruction at an accredited Mortgage Business School. This is equivalent to 3 days of classroom time. After passing their exam, the broker must then take 14 more hours of class time over the following two years to retain their license. This is equivalent to 2 days of classroom time.
Finally, all applicants need to submit their fingerprints to either the Florida Department of Law Enforcement or the Federal Bureau of Investigation. They must also pay a fee of $200 to cover their exam and license application.
How do I find a licensed Florida mortgage broker?
To find a broker with their Florida Mortgage Broker License, contact the Florida Association of Mortgage Brokers (FAMB) or visit their website at http://www.famb.org. On their website, you can search for a mortgage broker by name, business, city, loan specialties or zip code.
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HomePropertyTips.com :: Florida Mortgage Broker License