How to start your career as a Mortgage Broker in Florida

By Ciprian Morariu Published: September 4, 2024

Looking for a promising career path where you can get a work-life balance and a six-figure salary all while working in a stable industry?

Becoming a licensed mortgage loan officer or broker can help you achieve this dream and turn it into a reality.

A career as a loan broker in Florida is filled with promising opportunities like unlimited earning potential, flexible work timings, and a remote working environment.

Mortgage loan officers (MLOs) are finance professionals who work with financial institutions such as banks, credit unions, and other lenders to help borrowers secure mortgage financing.

Since Florida is currently experiencing strong demand for residential real estate as one of the hottest real estate markets in the country, now could be a good time to become a mortgage loan officer.

Did you know that mortgage brokers in Florida can earn around $90K as a base annual salary with experienced professionals getting as high as $130K in a year?

Plus, there are additional cash benefits and perks that come with the job along with exciting growth prospects as you can advance in your career to become a manager and an independent consultant.

Becoming a loan officer is a lucrative career path - however, to enjoy the career benefits, you must acquire the required knowledge, skills, and education first.

The way to work in the mortgage lending industry as a loan officer or a broker with a mortgage firm in Florida is to first obtain a license and meet the state-specific requirements.

Are you interested in starting a rewarding and satisfying career as a mortgage loan officer or a mortgage broker?

You might have questions regarding the job profile, duties, and licensing requirements to become a mortgage loan officer.

We have put together this detailed guide for beginners who want to learn how to obtain a mortgage loan officer license in Florida easily and quickly.

This article covers answers to the most frequently asked questions from individuals who want to choose this career path.

Understanding the job of a Mortgage Loan Officer

Loan officers are employed by lenders to work directly with potential clients who want to become homeowners.

On the other hand, Mortgage brokers are also finance experts who act as intermediaries between the financial institutions and the borrowers.

Brokers in the mortgage industry work with clients who want to find and choose the right mortgage financing plan for their purchase.

Both mortgage loan officers and mortgage brokers assist clients in securing mortgage financing and they both play a pivotal role in the homebuying journey of individuals.

For the sake of simplicity, we are going to dive deeper into the job profile of a mortgage loan officer (MLO) and cover the Florida MLO license requirements in detail.

Before we get to that, let us give you an overview of the job role and the responsibilities it entails.

Since you will be embarking on a journey to become a specialized professional, it is important to understand what will be expected from you.

Mortgage loan officers are licensed professionals who offer their expertise in helping individuals and companies choose the right mortgage financing for their needs.

MLOs assist clients through the various stages of securing a loan for their purchase. From paperwork and documentation to negotiating rates and payment terms,

MLOs exhibit their expertise across a wide spectrum of the lending and mortgage journey.

Here are some of the salient job duties and responsibilities of a loan officer.

Identity, meet, and interview potential clients who are seeking mortgage financing
Collect all the necessary information including income proof, credit history, tax reports, and related documents from individuals
Evaluate the financial health and determine the creditworthiness of individuals basis their account statements, credit history, net income, and other assets
Understand the homeownership goals and requirements of potential clients
Educate potential clients about the various financing plans and options available
Guide clients in choosing the most suitable and viable mortgage payment terms
Help clients complete the required paperwork along with the mandatory documents for the loan application process
Ensure clients are fully aware of all the risks involved with purchasing a home with a financing plan
Answer any questions, clarify any doubts, and resolve any issues faced by clients
Negotiate the best interest rates and plan terms on behalf of the clients
Liaison with underwriters, property appraisers, and mortgage brokers to facilitate the financing process
Ensure all the important paperwork and personal documentation of the clients is secure and safeguarded
Maintain compliance with the regulatory laws and state and federal guidelines
Provide timely updates for repayment and avoid missing any important milestones

In case you are wondering, mortgage brokers also have similar job duties and they share many common responsibilities at work.

Note that the above list is for giving you a general overview of the core responsibilities.

Your exact job duties and tasks will vary depending on your employer and their discretion

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

If you are reading this, you might be thinking how do I become a mortgage broker in Florida and how long will it take?

The time it takes to get your Florida MLO license depends on an individual and their caliber and preparation.

Many students successfully obtain a license on their first attempt whereas some require multiple attempts to succeed.

Generally, it takes anywhere between 45 days to a couple of months to complete all the steps involved in the licensing process, including meeting the requirements for education and training.

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

However, whether you are committing yourself to this goal on a full-time or part-time basis, it is certainly achievable if you follow the steps in a diligent manner.

Steps to become a licensed Mortgage loan officer in Florida

Like most states, Florida also follows the NMLS (Nationwide Multistate Licensing System) protocol for issuing licenses to aspiring loan officers and brokers.

According to the NMLS guidelines and regulations, all applicants must complete the following steps to obtain an MLO license in Florida.

Step 1: Meet the eligibility requirements

All applicants must fulfill the basic statutory requirements to prove their eligibility. These 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 admitted alien
You must have a bachelor’s degree in finance, accounting, or business administration

Considering the above as the minimum criteria to become eligible for working as a mortgage loan officer or broker.

Step 2: Register with the NMLS

According to the S.A.F.E (Secure and Fair Enforcement) for Mortgage Licensing Act of 2008, it is mandatory for all aspiring and active license holders to register with the NMLS (Nationwide Multistate Licensing System).

The NMLS is a centralized system that acts as the country’s largest repository of all the licensed professionals, firms, and institutions in the mortgage lending industry.

The NMLS is the authority that deals with issuing and renewing the licenses of all loan officers, mortgage brokers, and industry professionals and firms.

To register with the NMLS, simply visit their website and request your NMLS ID by creating an account and providing the required information.

Make sure to keep your unique NMLS ID handy with you for future use.

Step 3: Complete the pre-licensing education

Simply having a bachelor’s degree is not enough as being a mortgage loan officer requires specialized training and education about the lending and finance industry.

Since loan officers deal with the financial and personal information of clients, they are required to adhere to a specific set of standards of knowledge, training, and truthfulness.

As per the NMLS guidelines, all applicants must complete 20 hours of SAFE pre-licensing education from an NMLS-approved education provider.

Thankfully, students can complete the 20 hours of course credits by joining a self-paced online course which is approved by the NMLS.

Completing pre-licensing education is a mandatory qualifying education requirement to access all the states. Here are some of the courses you will cover.

For Florida applicants, you must complete an additional 2 hours of state-specific course credits.

Note that you might be required to take any additional state-specific education courses.

It is recommended that you keep yourself updated with the latest guidelines and licensing requirements by visiting the NMLS website.

Step 4: Pass the NMLS licensing exam

So you have studied diligently and completed all the course credits too - the next step is to prove your knowledge and training by taking the NMLS licensing test in Florida.

It is mandatory for all applicants to take and clear the NMLS licensing exam to obtain their license.

The exam consists of multiple-choice questions that are based on the course topics and curriculum covered in the pre-licensing education.

The questions will cover both state-specific and national-specific portions which will cover key definitions, industry terms, laws, regulations, and guidelines pertaining to the industry professionals and consumer rights.

You will get a total of 190 minutes to attempt a total of 120 questions. In order to pass this exam, you must score a minimum of 75% in your final score.

In case you are wondering, the average passing score for first-time applicants is around 58 percent.

However, this should not deter you in any way - if you practice well and prepare with confidence, it is certainly possible to clear it in your first attempt.

Note that it will cost you $110 to take the SAFE licensing exam in Florida.

Step 5: Complete background verification check

As per the SAFE Act of 2008, all license holders must complete background verification and criminal history checks to meet the standards for ethics, honesty, trust, and truthfulness.

As part of this step, you must get a copy of your electronic fingerprints from an NMLS-approved center in Florida and submit the scanned copy to the Florida DBPR.

Along with that, you need to submit a copy of your credit report to the DBPR in Florida.

Step 6: Submit your MLO licensing application

You’re not just a step away from getting your Florida loan officer license and all you need to do now is to submit your application.

To do so, you need to visit the NMLS website and log in using your unique ID. Select the filing tab and then apply as an individual.

Step 7: Find a Sponsoring Employer

Congratulations as you would have received your MLO license by now, however, to activate it, you need to find a state-licensed sponsor who would be willing to employ you.

It is mandatory for newly licensed loan officers to work under the supervision of senior and more experienced professionals.