Mortgage Broker > Pre-License
The Gold Coast 24-Hour Mortgage Broker pre-license course covers all material required by the state, and typically found on the state examination, in a simple and easy to follow format. Some of the topics covered in class include: mortgage law, closing statements, lending rules, license types, and the loan application process.
The Mortgage Broker state exam consists of 100 multiple choice questions. Passing score is 75%. Individuals must must apply for the state license by completing an application and paying the appropriate fees. Here is a link to the state website where you can apply online. Paper applications are now only accepted in approved hardship cases. We also offer an intensive one-day cram review each month in our Tamarac location. This cram is not a substitute for hard work and preparation, but it does provide you with an opportunity to “psyche” yourself up and to fine-tune your knowledge immediately prior to the state exam. Additional review materials and practice exams will be given in class. Cram hours are 9:00a to 5:00p.
***IMPORTANT NOTE: Florida will only be accepting applications for the Florida Mortgage Broker's license through July 8, 2010. On October 1, 2010 Florida will begin participating in the Nationwide Mortgage Licensing System (NMLS). Applicants for the new license may begin to apply through the NMLS on October 1, 2010.
NOTE: There are many changes to mortgage licensing that will be occurring in the next few months.
On October 1, 2010 Florida will begin participating in the Nationwide Mortgage Licensing System. All licensed mortgage brokers, mortgage brokerage businesses and lenders must reapply for licensure under the new requirements. This includes anyone granted a license prior to October 1, 2010. Whether you’ve had a license for 30 years, or got licensed yesterday, everyone in the mortgage industry will be affected by these changes. Individuals who are currently working as unlicensed loan originators, processors, or underwriters will be required to have a Mortgage Loan Originator License after October 1, 2010.
On July 8, 2010, the Office of Financial Regulation will stop accepting applications for the Florida Mortgage Broker license due to changes in federal and state laws. Although they will continue to process applications filed by July 8, they can’t guarantee that applications will get processed before October 1. Applications which are filed immediately, are complete, correct and contain full disclosure have the best chance of being timely processed. If your application has not been approved by October 1 of this year, they won’t be able to approve it because they’ll no longer have the authority to issue these licenses. Bottom line: you need to have a license by October 1 to keep working when the new application process starts.
The reapplication window for existing licensees to apply for licensure under the new requirements runs from October 1 through December 31, 2010. The OFR is strongly recommending that applicants apply early and do not procrastinate. Due to the sheer volume of expected licensees, applications will take much longer to process than it has taken in the past, in some cases up to one year. Those with pre-existing licenses, approved prior to the October 1 deadline, can continue working while the new license application is being processed.
Don’t procrastinate and get caught up in a hurry-up and wait scenario! Or worse, get caught in a situation where you can’t do business and face a $1,000 per day penalty if you do continue working without a license.
Here’s what you should be doing now:
Currently unlicensed loan originators, processors and underwriters: You will not be able to work in Florida starting on October 1 unless you are properly licensed. If you submit an application for licensure to the NMLS on October 1, you will not be able to work until you have met all licensing requirements and your license has been granted. According to the OFR this may take up to 12 months! You still have a chance to get licensed by submitting an application for the Florida Mortgage Broker license before July 8th and completing all licensure requirements including 24 hours of education and passing the state test, before September 30th. You will still need to apply for the new MLO license through the NMLS after October 1, but you will be permitted to work while this application is pending. If you do not get a Florida license by October 1, you should begin to prepare for the new NMLS requirements. This includes taking the 20 Hour required NMLS course, passing the NMLS National MLO exam, and be prepared to file your application on October 1.
Currently licensed Mortgage Brokers: You will need to apply for the new Mortgage Loan Originator license between October 1, 2010 and December 31, 2010. You will need to pass a National exam and depending on when you were licensed you may also have to pass an exam on Florida law. As a currently licensed individual you will be able to continue working while your application is pending. Get a head start on your new licensing requirements by taking the National Exam now. Gold Coast is offering a National Exam Cram review class. Apply to the NMLS and get scheduled for this exam.
Beginning in July, 2010 Gold Coast will be changing the format of our 24 hour Mortgage Broker course. Students will be taking the 20 hour NMLS required course and 4 additional hours of Florida law. This will satisfy the requirements for those who will be taking the Florida exam before September 30, 2010 and for those who will be applying to the NMLS after October 1, 2010.
For more information, please call one of our Career Counselors at 800-732-9140.
 Download 2010 Full Course Catalog Brochure
Download 2010 Mortgage Broker Brochure |
