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To Comply With Common Mortgage Regulations Check below for applicable mortgage licensing options, as well as recommended courses to help you succeed once you get licensed. Mortgage Loan Officers need to be licensed by the state in which they do business, which means they must complete the pre-licensing education requirements, pass the state and national SAFE / NMLS exam, then take eight hours of annual continuing education courses to maintain their license.
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About The Mortgage Broker License Requirements In Florida How To Become A Mortgage Broker In Florida This relationship between a mortgage broker and a lender is called wholesale lending. Mortgage brokers make money by dealing with lenders who discount the cost of their mortgage product to allow a mortgage broker the ability to charge a fee by submission of a loan package for funding. They are responsible for working with the borrower to complete mortgage loan application, submitting the application to underwriting, following up on any additional information needed or requested from the underwriter, then communicating the loan decision to the potential borrower. This includes things like W2s, 1099s, bank statements, tax returns, etc. Bottom line, the Mortgage Broker is responsible for the work output and complying with applicable laws.Ī Mortgage Loan Officer starts the mortgage application process by gathering from potential borrowers the information needed to start that borrower's loan review process.
In some instances, like a single-person shop, the Mortgage Broker does the work of the Loan Officer. What Is The Difference Between A Mortgage Broker And A Mortgage Loan Officer?īasically, the Mortgage Broker is the business owner and the Mortgage Loan Officer is an employee of the Mortgage Broker. The broker works to find a mortgage lender with terms and rates that best fit the customer's needs, then going through the required processes and working with the mortgage underwriter to get the loan approved.
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The Mortgage Training Center offers a variety of Florida mortgage licensing and training courses to help you earn your Florida mortgage license or Florida continuing education credits.Ī mortgage broker is a licensed professional that acts as a middleman between lenders and purchasers. Petersburg, Tallahassee, Fort Lauderdale, Cape Coral, Hollywood, Miramar, Coral Springs, Daytona, Gainesville, Jacksonville, and other cities in Florida? If yes, you've come to the right place! 20-Hour SAFE Mortgage Licensing - Online CourseĪbout Florida Mortgage Broker Licensing - How To Earn A Mortgage Broker License In FloridaLooking to become an Florida Mortgage Broker or Loan Officer to serve communities in Miami, Orlando, Tampa, St.