Florida presents a flourishing career as a mortgage broker. To know more read on!!!

In Florida, there has been a steep increase in the number of people who have opted for a career as a Mortgage Broker. Recent reports have shown that in June, 2002, as many as 30,283 brokers were active participants in this area of work. Presently, almost 67,266 brokers have become absorbed in this industry. This report shows an overwhelming increase of more than 100 percent rise, in a mere span of only 4 years.  

The regulations, according to which all the mortgage brokers have to abide these days in Florida, became effective in the month of July, 1992. These rules pertain to those who

• Seek loans for some other person, who is the actual borrower.
• Person who accepts the mortgage loan application.
• Mediator, who decides on the terms and sets some conditions on behalf of a suitable lender, of that amount of money.

It is important to remember that all people in this mortgage loan field should be a part of the Mortgage Broker Business, which should have a proper license, given by the government of Florida. However, association with one brokerage is enough. Once licensed by the Florida government, the broker can work with first as well as second mortgages. 

Those aspiring to have a career as a mortgage broker in Florida must have a minimum age of eighteen. The candidate also has to pass a written examination which will test the applicant’s knowledge in

• Florida Mortgage Brokerage and Lending Act
• Patriot act
• knowledge on some typical mortgage schemes and FHA/VA
• knowledge on some fundamental real estate procedures like surveys
• skill in mathematical calculations related to finance
• Florida Fair Lending Act
• Fannie Mae guidelines and closing rules
• Federal rules on lending as well as housing

Before sitting for this exam, the candidate has to take up 24 hours of coaching in a qualified school for Mortgage brokers. The school is required to have some minimum accreditation levels. To pass this exam, some supplementary study time is highly advised to all the candidates. After receiving the license, the successful candidates have to further study for 14 hours in the following two years. 

The applicants must also submit a legally provided copy of their fingerprints to the Florida Department of Law or to the Federal Bureau of Investigation. If the candidates fail to do so, their license will be denied on the grounds of fraud, moral turpitude or even dishonest dealings. 

Applicants can now submit their forms and pay for the fees online through the website of Office of Financial Regulation. You can also check the status of your application on the net. 

The non-refundable fee of $200 covers all the examination perimeters. In case the applicant has to write the exam once again, an additional amount is charged. 

Renewal of the license can also be done online. A fee of $150 has to be paid for that purpose. 

To have a successful career as a mortgage broker in Florida, connection with the National Association of Mortgage Brokers is very useful.