Florida Mortgage Loan Originator Licensing Requirments

Who is required to have a Florida mortgage loan originator license?
A Florida mortgage loan originator license is required for an entity conducting activities through one or more licensed loan originators employed by the mortgage broker or as independent contractors to the mortgage broker. Who does not needs a Florida mortgage loan originator license?
 A person acting in a fiduciary capacity conferred by the authority of a court.
 A person who, as a seller of his or her own real property, receives one or more mortgages in a purchase money transaction.
 A person who acts solely under contract and as an agent for federal, state, or municipal agencies for the purpose of servicing mortgage loans.
 A person who makes only nonresidential mortgage loans and sells loans only to institutional investors.
 An individual making or acquiring a Florida mortgage loan originator using his or her own funds for his or her own investment, and who does not hold himself or herself out to the public as being in the mortgage lending business.
 An individual selling a mortgage that was made or purchased with that individual’s funds for his or her own investment, and who does not hold himself or herself out to the public as being in the mortgage lending business. Prerequisites for Florida mortgage loan originator license applications? Refer to the Florida Mortgage Broker New Application Checklist document located on the NMLS Resource Center website

Who Needs A Florida Mortgage Loan Originator License?

MLO: Mortgage Loan Originator License Required by– Chapter 494, Florida Statutes: The license is required for an individual who, directly or indirectly, solicits or offers to solicit a mortgage loan, accepts or offers to accept an application for a mortgage loan, negotiates or offers to negotiate the terms or conditions of a new or existing mortgage loan on behalf of a borrower or lender, or negotiates or offers to negotiate the sale of an existing mortgage loan to a non-institutional investor for compensation or gain. The term includes a Florida mortgage loan originator under the S.A.F.E. Mortgage Licensing Act of 2008.

Who is exempt from the Florida Mortgage License?

 Florida Mortgage Loan Originator License Checklist

1. Form MU1. Each business shall apply for a Florida Mortgage loan originator license by submitting a Form MU1 through NMLS. Form MU2 must also be completed through NMLS for each control person listed on Form MU1.
2. Filing Requirements. Upon receipt of the following, the Florida Office of Financial Regulation will consider a Mortgage Broker application received and begin reviewing the application:
o Form MU1 filed through NMLS
o Statutorily required application fee ($425)
o FBI criminal history background check results (control persons)
o State criminal history background check results (control persons)
o Credit report (control persons)
NOTE: A control person that holds an active loan originator license in Florida is exempt from the FBI & State criminal background check and the credit report requirement as part of the mortgage broker application requirements. The Florida Office of Financial Regulation will not begin its review of an application until all the items listed above have been received. Once an application has been deemed received, the NMLS status will change from “Pending-Incomplete” to “Pending-Review”.
Once the status has been changed to “Pending Review” the application will be reviewed
and deficiencies will be added as license items in NMLS.
3. Principal Loan Originator. Complete the Qualifying Individual section of the MU1 form to
add the Principal Loan Originator. You must select Florida as an applicable jurisdiction. The Principal Loan Originator must be licensed as a Florida loan originator. The Florida mortgage originator must also demonstrate to the satisfaction of the Office of Financial Regulation that he or she has been actively engaged in a mortgage broker-related business for at least one year before being designated as a Principal Loan Originator. Individual licensure with the Office of Financial Regulation for one year will satisfy the experience requirement.
4. FBI & State Criminal Background Check. Each controlling person must submit fingerprints to a live scan vendor approved by the Florida Department of Law Enforcement and published in theFlorida Department of Law Enforcement’s websitefor submission to the Florida Department of Law Enforcement for a state criminal background check and to the Federal Bureau of Investigation for an FBI criminal background check (ORI Number: FL921050Z).
The cost of fingerprint processing shall be borne by the applicant and paid directly to the
Live Scan vendor. Resubmission of the prints for the state criminal background check may
be required if incorrect information (social security number, date of birth, etc…) is provided
to the Live Scan vendor. Resubmission of prints will result in additional costs to the
individual being reprinted.
5. Disclosure Questions. Provide the following documents related to all events or proceedings for any “Yes” answer to any of the disclosure questions on Form MU1 and Form MU2 (control persons):
(a) A copy of the police arrest affidavit, arrest report or similar document.
(b) A certified copy of the charges.
(c) A certified copy of the plea, judgment, and sentence where applicable.
(d) A certified copy of an order of entry into pre-trial intervention, and the order of termination of pre-trial intervention showing dismissal of charges where applicable.
(e) A certified copy of an order of termination of probation or supervised release, if applicable. If the requested documentation cannot be obtained, the relevant person shall submit evidence of that fact in order for the application to be deemed complete. Evidence that documentation cannot be obtained shall consist of a written statement on the letterhead of the agency that would be the custodian of the documents, signed by a representative of that agency, stating that they have no record of such matter, or that the record is lost or was damaged or destroyed, or otherwise stating why the document cannot be produced.
6. Credit Report. Each controlling person must authorize the Registry to obtain an independent credit report and make it available to the Office of Financial Regulation. The cost of the credit report shall be borne by the applicant.
Upon notification by the Office of Financial Regulation, each control person shall provide
documents related to “adverse credit history information” contained in the control person’s credit report. The requested documents provided by each control person must be legible. Documents that are typically requested by the Office include, but are not limited to:
(a) Copies of satisfaction of judgment.
(b) Copies of satisfaction of outstanding tax liens or other governmental liens.
(c) Copies of court documents that reflect the substance of the matter and how the matter
was resolved or adjudicated.
(d) Copies of account statements or letters from the creditors explaining the current status of accounts. For security purposes, the relevant person may redact all but the last four (4) digits of the account number prior to submitting the document to the Office.
(e) Copies of tax returns, pay stubs, or other documentation of income.
If the documents requested above cannot be obtained, the control person shall submit
evidence of that fact in order for the license application to be deemed complete. Evidence that documents cannot be obtained shall consist of a written statement from the agency or
creditor’s records custodian that is written on the agency’s or creditor’s letterhead; indicates that the agency or the creditor does not have any record of such matter or that the record was lost, damaged, or destroyed, or cannot otherwise be produced and provide a statement as to why the record cannot be produced; and is signed by the agency’s or creditor’s records
custodian.
Florida Mortgage Loan Originator License Estimates Updated: 7/8/2023
7. Approximate total cost is $578.75 which includes:
 $425 Florida application fee
 $100 NMLS processing fee
 $38.75 FBI & State criminal background check fee plus live scan vendor costs for
each control person
 $15 NMLS Credit report fee for each control person
All fees collected through the NMLS ARE NOT REFUNDABLE

Florida Mortgage Loan Originators Broker and Branches

Florida Mortgage Loan Originator Broker and Branches – Chapter 494, Florida Statutes: The Florida MLO license is required for an entity conducting Florida Mortgage loan originator activities through one or more licensed loan originators employed by a Florida mortgage broker or as independent contractors to the mortgage broker.

Florida Mortgage Broker Branch: This license is required for mortgage broker licensees who conduct business at locations other than their principal place of business:

1. The address of which appears on business cards, stationery, or advertising used by the licensee in connection with business conducted under this chapter;
2. At which the licensee’s name, advertising or promotional materials, or signage suggests that mortgage loans are originated or negotiated;
3. At which mortgage loans are originated or negotiated by a licensee.

Florida Mortgage Loan Originator Renewal