State Approved 24-hour Licensing Course $195.00
Includes:
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Frequently Asked Questions:
What is the difference between a mortgage broker and a mortgage lender?
The difference between a mortgage broker and a mortgage lender is that a mortgage broker acts as a “middle-man”. For a fee, mortgage brokers may “shop” your loan package to various lenders. Mortgage lenders close the loan in their name, however a mortgage lender may also act as a mortgage broker pursuant to ss 494.0073 F.S.
May I be licensed as a mortgage broker and Real Estate agent and get fees from both?
Chapter 494 does not prohibit you from being both a licensed mortgage broker/loan originator and a licensed real estate broker and receiving appropriate fees as both. You should check with FREC concerning any requirements they have.
Does student instruction have to be provided in a classroom setting?
To teach the 24 hour Pre-License course – YES. All instruction must be given in a classroom, face to face with the instructor. [Rule 69V-40.026 , F.A.C.]
To teach Continuing Education – NO. Instruction may be in a classroom or in a form of distance learning. [Rule 69V-40.0271 , F.A.C.]
What methods of distance learning are acceptable?
In addition to the classroom instruction method, Continuing Education courses may be offered through electronic transmission ("Internet") or distance education ("correspondence course"). [Rule 69V-40.0271 , F.A.C.]
Are the terms Professional Education and Continuing Education used interchangeably?
Yes. The term "Professional Education" is used in Chapter 494, F.S. to describe the educational requirements for licensees.[Section 494.00295, F.S.] In the rules it is also referred to as "Continuing Education". [Rule 69V-40.0271 , F.A.C.]
What are the requirements for certifying a student has completed a course?
If teaching Continuing Education, the school shall submit a certificate of completion to the student within 5 days of completion. It shall indicate successful completion of the course and the number of hours that course consisted of. The certificates are not to be submitted to this Office. [Rule 69V-40.0271 , F.A.C.]
If teaching the 24 Hour Pre-License course, the school shall submit a list electronically to this Office within 5 days after completion of the course by each student. The list shall include identifying information about each student and the course completion date. Upon licensure by this Office, each school is given instructions and an authorization number to access its record through our website. There is no statutory requirement to provide a student with a certificate. [Rule 69V-40.027 , F.A.C.]
Application for Licensure as a Mortgage Broker Chapter 494, Florida Statutes
GENERAL INSTRUCTIONS
Online Filing Requirement - This form and all fees identified below are required to be filed on the Office’s website at www.flofr.com . Petitions for a waiver of the online filing requirement due to a technological or financial hardship must be filed pursuant to Rule 28-106.301, Florida Administrative Code.
Form OFR-494-03 is the form used by Mortgage Brokers to either file an initial application or make an amendment to an existing license. This is also used to terminate an existing license or withdraw an application.
This form is divided into the following sections:
• Social Security Number
• Name
• Surnames and/or Aliases
• Contact Information
• Residential Address
• Mailing Address
• Residential History
• Employment History
• Professional Licenses and Certifications
• Disclosure Information
• Signature
• Disclosure Reporting Pages (if applicable)
When filing this form to apply for an initial license, include the following non-refundable fees:
Application fee - $200.00
Fingerprint Card fee - $42.25
Total non-refundable fees - $242.25
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Disclosure Questions
Questions 10A-10G
Check the appropriate "yes" or "no" response for each question. If any of the questions in this section are answered “Yes”, complete details of all events or proceedings on appropriate Disclosure Reporting Page(s) (DRP) and provide documentation as noted on the DRP(s).
Restoration of Civil Rights – If your civil rights have been restored, you may provide evidence of restoration of your civil rights with this application.
11. Signature
Filers shall verify that all information that has been provided is true and correct. Filers should "save and print" the information they input in order to verify that all information entered is true and correct.
Online Filings – All signatures required on the Form OFR-494-03 must be made in this section. A signature is completed by typing a name in the designated signature field. By the applicant or applicant’s agent typing a name in this section, the signatory attests to the completeness and accuracy of the form. The applicant recognizes that this typed name constitutes in every way, use, or aspect, his or her legally binding signature.
Signature Date This field will be automatically populated with the date of your submission.
Chapter 494 - Continuing Education for Mortgage Brokers & Lenders (revised May 2008)
1. Is Continuing Education required before I can renew my Mortgage Broker license?
YES. However, Section 494.00295, Florida Statutes, provides for one exception.
Requirement: At the time of renewal, you will be required to certify that you have taken at least 14 hours of professional mortgage training from an accredited Mortgage Business School within the past two (2) years.
Exception: Section 494.00295(1), Florida Statutes, states: . . . The requirements for professional continuing education are waived for the license renewal of a mortgage broker who has completed the 24-hour pre-licensing classroom education requirement of s. 494.0033 (3), F.S., within 90 days of the biennial license period immediately following the period in which the person became licensed as a mortgage broker.