Everything you want to know for becoming a MLO in Florida
Did you know that working as a mortgage loan officer in Florida can help you earn a six-figure income while enjoying flexible working hours?
With enough experience in the mortgage lending industry, you can earn as much as $150K as a loan officer, not to mention the additional opportunities to make commissions.
Plus, you can choose to define your own working hours and even work remotely to enjoy a consistent work-life balance.
Imagine working in a career which provides you the financial freedom you want with the emotional fulfillment of helping people achieve their home ownership goals.
It is no surprise that mortgage loan officer is one of the most popular career paths in the country.
If you are good with numbers and like working with people, then a career as a MLO will allow you to provide your expertise to clients who are looking for financial advice and loans.
The Bureau of Labor Statistics has forecasted a steady growth in the number of job opportunities for licensed loan officers in the coming years.
Due to Florida’s growing demand for housing and residential real estate, the Peach State has emerged as the 2nd most popular real estate market in the country.
Florida’s booming tourism industry, strong economic outlook, and growing population are some of the key factors that are positively impacting the influx of homebuyers.
To make the most of the rewarding opportunities in this profession now is a good time to get started and prepare for the next steps in building a career.
The first and foremost step in starting a career without any prior experience is getting the required knowledge and training to work as a professional.
If you are keen to explore how to enter the mortgage lending industry and embark on a professional journey, getting an MLO license is an essential step.
With a license, you will be able to find employment with lenders, financial institutions, and banks and work directly with clients.
In this article, we are going to give you a detailed look into the process of how to become a mortgage broker in Florida along with practical tips to help you achieve your goals.
Who is a Mortgage Loan Officer?
Without securing a mortgage, buying a new home and achieving a home ownership goal would be difficult for most people.
For many individuals, getting a mortgage is an integral step of the journey of completing their journey to become a homeowner.
Loan originators are professionals who help borrowers achieve their homeownership goals with guided assistance, advice, and consultation.
A mortgage loan broker works at the juncture of mortgage, finance, and real estate to approve and disperse loans on behalf of financial institutions and lenders.
As a loan originator or officer, you will play an integral part in helping individuals obtain financing for one of the most important financial and emotional decisions of their lives.
You will be the go-to person for guiding borrowers through the complex process of completing, submitting, and reviewing a loan application.
Your job as a mortgage broker or loan officer is to ensure your clients submit the required paperwork and documentation without incurring any errors or mistakes.
One of the most important tasks you will perform is processing and analyzing complex financial information and data related to your client’s credit situations.
You will be going through various loan applications and requirements, verifying multiple documents, and completing paperwork at different stages of securing a loan.
Clearly, there is a lot to be done as a loan originator and this is why you must prepare yourself by acquiring the required knowledge, skills, and tools to succeed.
Before we dive deeper into the steps on how to become a MLO in Florida, let us walk you through the essential qualities and skills you need to succeed in this profession.
Qualities of a Successful Mortgage Loan Officer
The mortgage lending industry is competitive and to make your mark, you need more than just a license.
Since you will be working as the go-to professional for different needs and requirements from a diverse audience, you must cultivate some essential skills to succeed.
Here are some valuable qualities and must-have skills to build a successful career:
- Strong understanding of mortgage lending, finance, and accounting principles
- Strong analytical skills and logical bent of mind
- In-depth understanding of the different types of financial products and services
- Ability to work in a dynamic, fast-paced, and volatile industry
- Customer-centric skills and an innate sense of empathy towards clients
- Excellent communication and interpersonal ability
- Meticulous attention to detail and organization skills
In addition to the above, you must be thorough about the various laws and regulations of the mortgage lending industry.
Benefits of working as a mortgage loan originator in Florida
Many individuals and students often wonder about the short-term and long-term benefits of working as a mortgage loan officer or a mortgage broker in Florida.
Beyond a stable job and a promising growth path, a career in the mortgage lending industry can help you unlock numerous exciting and rewarding perks. Some of them include:
1. Higher earning potential:
A career in the mortgage lending industry can significantly boost your earning potential and improve your finances.
In Florida, loan originators and mortgage brokers can make as much as $150K depending on their skill level and experience.
Even entry-level base pay is a solid $70K as a starting annual salary, not to mention the opportunities to earn extra income via commissions.
With a MLO license, you can unlock a pathway to financial success and prosperity as the demand for licensed professionals is only going to increase in the future.
If your goal is to achieve a six-figure income and become financially independent, working as a MLO in Florida can help you achieve it.
2. A Wide Professional Network:
Working in the mortgage lending industry will give you the opportunity to meet new people, interact with industry peers, and network with professionals.
Loan offices and mortgage brokers are required to collaborate with underwriters, loan originators, processors, and various industry professionals.
This means you can get the opportunity to expand your career network and collaborate with professionals to grow your skills and knowledge.
Having access to exclusive events and members-only communities will boost your confidence and help you forge valuable partnerships and professional relationships.
As you expand your professional network, you can use your connections to venture into new markets and even start your own firm in the future.
3. Better work-life balance:
One of the key benefits of working as a licensed loan officer in FL is the flexibility to define your own working hours and shape your work-life balance.
MLOs are allowed to work in remote and hybrid environments, which means you can save commute time and instead use it for your personal or professional needs.
As long as you are meeting your targets and achieving your goals, you can define your working hours and establish your professional and personal boundaries.
With an MLO license in Florida, you can enjoy the mobility of working anywhere in the state and tap into multiple markets.
In addition to the above, working as a licensed loan officer can open up a world of rewarding opportunities and perks for your professional growth.
If you are ready to start your journey in the mortgage lending industry, let us walk you through the main steps to get licensed.
How to obtain an MLO license in Florida
Like most professional careers, building a lasting career requires getting the required knowledge, training, and obtaining a valid professional license.
If you are an aspiring mortgage loan originator, you need to follow a step-by-step process that involves completing educational and licensing requirements.
The first step is to complete the qualifying education requirements established by the NMLS (Nationwide Multistate Licensing System) which is the official authority for issuing and renewing licenses to mortgage lending professionals and firms.
As per the NMLS licensing requirements, all applicants must complete a minimum of 20 hours of NMLS pre-licensing education from a state-approved education provider.
You can choose to join a physical, classroom-based college to complete your education or enroll in an online course to obtain your Florida mortgage loan originator license online.
Here are some of the mandatory courses you will cover as part of your pre-license education.
- Non-Traditional Mortgage Lending (2 hours)
- Federal Law (3 hours)
- Ethics (3 hours)
- General Elective (10 hours)
- Florida-specific laws and regulations (2 hours)
The purpose of completing pre-license education is to obtain a foundational understanding of the industry principles, laws, and regulations for loan officers.
Note that it is important to choose an NMLS-approved education provider in FL to complete your pre-license education.
After completing your education and MLO license course in Florida, the next step is to take the SAFE MLO licensing test.
The NMLS requires all individuals to take the licensing test and prove their knowledge and preparation by answering 115 multiple-choice questions.
To obtain your MLO license, you must pass the test by scoring at least 75 percent or above. Note that it will cost you $110 in exam fees to attempt the test.
If you successfully pass the licensing exam, you will have to complete a mandatory federal criminal history and background verification check.
To complete the verification, you must submit an electronic scan of your fingerprints along with an updated credit report to the NMLS for review and approval.
How do mortgage loan officers make money?
If you are interested in increasing your earning potential by working in the mortgage lending industry as a loan officer, then it is important to understand you will get paid.
Mortgage loan originators (MLOs) are employed by banks, credit companies, and financial institutions to help borrowers obtain mortgage loans.
Typically, mortgage loan originators (or brokers) as they are interchangeably called, get paid on a fixed salary basis by their employers.
In some cases, employers might decide to pay MLOs on a commission basis on top of a base salary.
When it comes to the commission you can earn, the amount depends on the total value of the amount of loan sanctioned by the loan provider.
Generally, mortgage loan officers and brokers can take anywhere between 1 to 1.5 percent of the total loan amount in commission. You can negotiate the commission.
This means if you help a borrower obtain a mortgage loan worth $500K for a home in Florida, you will earn $5000 in commission on the transaction.
As an MLO in Florida, your earning potential will vary depending on your skills, level of experience, and employer.
This is why completing education and training is crucial to building a successful career in the long run and unlocking the best out of the opportunity.