A career in Florida’s mortgage lending industry awaits! Here’s how to get started

Thinking of choosing a rewarding, flexible, and fulfilling career path in Florida? Working in the mortgage lending industry as a loan originator could be a great option. 

If you are someone who is good with numbers and wants to help people achieve their home ownership goals, then a career as a mortgage loan originator (MLO) can be a great fit. 

Mortgage loan originators (MLOs) are professionals who are employed by lenders, banks, and credit companies to help borrowers choose the right mortgage plan and product.

MLOs act as a bridge between lenders and borrowers and they perform the duty of an intermediary who helps facilitate the loan process. 

You might be wondering what are the advantages of choosing this career path. For starters, working as a MLO in Florida is a well-paying profession with a high earning potential. 

Did you know that the top MLOs in Florida make as much as $150K in a year? Plus, there are additional opportunities to earn commission on top of the base salary. 

Loan originators also enjoy additional job perks such as health insurance, flexible working hours, and paid vacations. 

The best part is that you can grow your earning potential as you progress in your career and take on more strategic and managerial roles as well. 

What’s interesting is that the Bureau of Labor Statistics in the U.S. has projected a steady growth in the number of job opportunities for licensed loan originators in the coming years. 

With promising job prospects, good earning opportunities, and flexible work-life balance, there are many reasons and benefits for choosing the career path of a mortgage loan officer.

The best part is that you do not necessarily need any advanced training or years’ worth of college education to get started. 

All you need is a mortgage loan originator license to start working with clients and earn commission on every transaction and deal. 

To help you get started on this exciting career path, we have put together this article which covers all the essential aspects of working in the mortgage lending industry. 

From educational qualifications to licensing requirements, you will learn what it takes to become a loan originator in Florida in the coming sections. 

Career Outlook for Mortgage Loan Officers in Florida

Industry estimates report that Florida’s real estate market is currently the second most popular market in the country. 

The market has witnessed a strong demand in the last few years evidenced by a whopping 30 percent year-on-year growth in the total number of homes sold. 

Plus, the average selling price of a FL single-family home also appreciated in value. 

These trends indicate the housing market in the ‘Peach State’ continues to grow and attract buyers from around the country. 

With more people interested in buying residential real estate in Fl, the demand for mortgage financing is also increasing. 

Due to this, the need for skilled and licensed mortgage loan officers in Florida is picking up and the number of job opportunities is growing too. 

The Bureau of Labor Statistics in the U.S. has indicated that the job outlook for licensed mortgage loan officers is expected to grow significantly in the coming years with around 30,000 new jobs expected to be created. 

Going by the trends now could be a good time to enter Florida’s market and start a career by getting your MLO license in Florida. 

A booming industry, growing demand, and exciting career benefits are reasons why you should choose this career path and build a successful profession. 

To achieve this professional goal, you must prepare yourself by understanding what the job duties and responsibilities of a loan officer are. 

Understanding the job profile of a Mortgage loan originator 

Before you start preparing for a new career, it is important to understand the type of job and your responsibilities better. 

To work as a mortgage loan originator in Florida, you must learn about the main job duties and tasks you will perform in the role. Let’s start with the basics of this job profile first. 

Loan originators (or loan officers) is a professional who helps lenders connect with borrowers and ensure a secure and seamless transaction between the two. 

Loan originators and loan officers are two similar job profiles with many common job duties and tasks shared by both. Hence, they are often used interchangeably in the industry. 

Loan officers act as intermediaries between lenders and borrowers and they work directly with potential clients who want to obtain a mortgage. 

When a mortgage transaction is closed or completed, a loan officer earns a commission based on the final value of the amount processed. 

As a loan originator, you will be expected to perform a diverse range of tasks and duties to enable and expedite the loan application and closing process. 

Here are some of the key job duties and tasks you will complete as a loan officer. 

• Meeting and interviewing prospective clients and responding to their queries via text, email, or in-person meetings. 
• Collecting personal and financial information required for submitting the loan application such as income stubs, credit reports, tax reports, and account statements.  
• Assessing the creditworthiness and financial health of individuals on the basis of their incomes, credit score, liabilities, and assets.
• Communicating the various loan products and services available in the market and educating the clients about interest rates, loan terms, and repayment options. 
• Understanding and assessing the mortgage needs of home ownership goals of prospects. 
• Educating clients about the pros and cons of the different types of loans and financial products in a clear and easy-to-understand way. 
• Helping clients choose the most suitable and viable mortgage payment terms based on their needs and requirements. 
• Assisting clients in completing the loan application and submitting the required paperwork for faster processing. 
• Ensuring compliance with the various state and federal laws, rules, and mortgage lending regulations at every stage of the journey. 
• Collaborating with underwriters, brokers, and appraisers to facilitate the loan application till the closing stage. 
• Maintaining records of all transactions and client interactions on behalf of your employer. 
• Attending networking events, seminars, and meet-ups to expand your network and meet potential clients. 

Note that your exact job requirements might vary depending on your skills, experience, and your employer’s discretion. 

A day in your life will be a mix of administrative, accounting, operational, customer service, and sales-oriented tasks and duties. 

How long does it take to become a loan officer in Florida?

If you are keen to explore the path of working in the mortgage lending industry and want to know how to obtain a mortgage loan originator license in Florida, keep on reading. 

Generally, it takes anywhere between 45 to 60 days to complete the licensing process successfully and obtain your MLO license in Florida. 

If you are wondering about the difficulty of the licensing process, it varies depending on the individual and their caliber. 

For most students, getting an MLO license is somewhat challenging, especially as one has to complete multiple steps in the journey. 

However, if you are clear about what to do and how to prepare for the licensing journey, it should be easy and straightforward. 

Note that all applicants are required to follow the NMLS (Nationwide Multistate Licensing System) guidelines to obtain a license. 

In some cases, you might be required to undergo additional training depending on your employer or the state’s specific requirements. 

Steps to become a licensed Mortgage loan officer in Florida

Like every other state in the country, Florida follows the NMLS (Nationwide Multistate Licensing System) guidelines and regulations for mortgage lending licensing. 

To obtain your license and start your career in Florida as a loan originator, make sure to follow every step diligently in the following order. 

Step 1: Register with the NMLS 

According to the S.A.F.E (Secure and Fair Enforcement) SAFE Act, it is mandatory for all professionals and firms working in the mortgage lending industry to register with the NMLS.

The NMLS (Nationwide Multistate Licensing System) is the country’s official and largest repository of all licensed professionals and firms in the mortgage lending industry. 

The first step in your licensing journey is to register with the NMLS by visiting their website and requesting your NMLS identification number by creating an account. 

Step 2: Meet the basic eligibility requirements

To work as a loan originator, you must meet the basic qualifying requirements which are: 

• You must be at least 18 years of age or older
• You must be a legal resident of the state of Florida or a lawfully residing alien
• You must have a high school diploma or GED equivalent in education

Note that some employers might require individuals to hold a bachelor’s degree in finance, accounting, or business administration. 

Step 3: Complete NMLS pre-license education

As per the SAFE MLO licensing guidelines, all applicants must complete a minimum of 20 hours of pre-license education and training to qualify for an MLO license.

To be good at helping clients while ensuring the highest standards of service and professionalism, you need to equip yourself with the required knowledge and training. 

Having a basic high school diploma in education is not sufficient - you need to complete specialized courses to prepare for a career in the mortgage lending industry. 

To do so, you can join a physical, classroom-based MLO college or enroll in an online, self-paced MLO course in Florida. 

Most students prefer the flexibility of an online, self-paced course as it can be completed from anywhere on any device. 

Note that completing pre-license education from an NMLS-approved education provider is a mandatory requirement to qualify for a license. 

In addition to 20 hours of course credits, you must also complete an additional 2 hours of state-specific coursework as a Florida resident. 

It is recommended to keep yourself up to date with the latest guidelines and licensing requirements by visiting the NMLS website. 

Step 4: Pass the SAFE MLO licensing test

After completing your training and education, it is time to move to the next step in your licensing journey. 

The SAFE Act of 2008 requires all individuals to pass the MLO licensing test in their respective state to become eligible for a license.

The test covers both national and state-specific portions and it consists of multiple-choice questions based on the topics and curriculum of your pre-license courses. 

You can expect to face questions related to licensing laws, principles of mortgage lending, industry terms, Florida laws and regulations, ethics, and consumer rights. 

To clear the exam, you need to score at least 75 percent or above in the test. Note that it will cost you $110 to take the SAFE Mortgage Loan Officer test in Florida.