FLORIDA INDIVIDUAL MORTGAGE BROKER'S LICENSING REQUIREMENT Each natural person who acts as a mortgage broker for a mortgage brokerage business must be licensed.
INITIAL APPLICATION
To obtain a broker's license, applicant must submit form DBF-MB-101 and:
- Be at least 18 years of age.
- Pass a written proficiency test administered by the Department.
- Submit a complete set of fingerprints taken by an authorized law enforcement officer.
- Fingerprints must be accompanied by a nonrefundable $15 processing fee.
- Complete 24 hours of classroom education on primary and subordinate financing transactions and the laws and rules of F.S.A. Sections 494.001-494.0077.
- Provide a Mortgage Broker Education Completion Certificate.
- Provide any such additional information requested by the Department.
- Information must be supplied to the Department within 90 days from the date of the request.
Must notify the Department within ten days of any change in events which would render incorrect information contained in the broker's application for a license.
(F.S.A. §494.0033; F.A.C. §3D-40.031)
STATE FEES AND CHARGES
Must pay a nonrefundable application fee of $200.
Fingerprint processing fee of $15.
MISCELLANEOUS
To act as a broker, an individual must be an associate of only one mortgage brokerage business. License may not be transferred or assigned.(F.S.A. §494.004, §494.0033)
10See F.A.C. §3D-40.025 for a detailed description of the exam process.
11See F.A.C. §§ 3D-40.026 and 3D-40.027 for an extensive description of the educational requirements that must be satisfied by all prospective mortgage brokers.
 
FLORIDA MORTGAGE BROKER BUSINESS LICENSING REQUIREMENTS
INITIAL APPLICATION
To be licensed as a mortgage broker business, must submit written application prescribed by Department on Form DBF-MB-201.
At request of the Department, each officer, director and ultimate equitable owner of at least 10 percent of the business must submit a set of fingerprints taken by an authorized law enforcement officer (see comments under Mortgage Lenders, Initial Application section).
Must provide additional information requested by the Department.
Must notify Department within ten days of any change in events which would render incorrect information contained in the broker's application for a license.
New application for licensure must be submitted prior to effective date of change in ownership or control whenever a party seeks to own, control or hold with power to vote, or holds proxies representing at least 50 percent of any class of equity securities or ultimate equitable ownership.(F.S.A. §494.0031; F.A.C. §3D-40.051)
STATE FEES AND CHARGES
Nonrefundable application may not exceed $350 for the principal place of business.
Nonrefundable renewal fee may not exceed $300 for the principal place of business. Nonrefundable permit fee may not exceed $150 for each branch offices.
(F.S.A. §494.0031, §494.0032, §494.0036)
MISCELLANEOUS
Must notify the Department within 30 days of either a name change or a change in the form of business organization. Must report change of address of office within 15 days and change of name within 30 days.(F.S.A. §494.0036, §494.0039; F.A.C. §3D-40.020, §3D-40.058, §3D-40.077, §3D-40.099) License and branch permits must be prominently displayed at each place of business. Must publicly display sign that contains the name of the licensee and the words "Licensed Mortgage Brokerage Business." New application for licensure must be submitted prior to the effective date of change in ownership or control whenever a party seeks to own, control or hold with power to vote or holds proxies representing at least 50 percent of any class of equity securities or ultimate equitable ownership.(F.S.A. §494.0039; F.A.C. §3D-40.099) Each mortgage brokerage business must have a principal broker who has full charge, control and supervision over the business:
- Must maintain form DBF-MB-PB which identifies the principal broker and contains an acknowledgment of the individual's acceptance of this responsibility.
- Failure to maintain form DBF-MB-PB will result in a fine of $500 (after receiving notice of noncompliance).
- Must provide the Department with written notice within 30 days of any change in the identity of the principal broker.
Each branch office must have a designated branch broker who has full charge, control and supervision over the branch.
- Must maintain form DBF-MB-BB which identifies the branch manager and contains an acknowledgment of the individual's acceptance of this responsibility.
- Failure to maintain form DBF-MB-PB will result in a $500 fine (after receiving notice of noncompliance).
- Must provide the Department with written notice within 30 days of any change in the identity of the branch supervisor.(F.S.A. §494.0035; F.A.C. §3D-40.160, §3D-40.165)
All third-party fees and refundable application fees must be deposited in a segregated account in a federally insured financial institution located in Florida within seven business days from receipt of the funds.
- Account must be in the name of the mortgage brokerage business and allow for withdrawal without notice.
- Account must be used exclusively for third-party and application fees.
- Licensee must maintain an accurate record of all account activity on form DBF-MX-999 which can be obtained from the Department.
- Failure to comply with this requirement will result in a $500 fine for each violation and possible suspension of the license.(F.A.C. §3D-40.156) Mortgage brokers are defined as any party who for compensation or gain, or in expectation of compensation or gain, directly or indirectly accepts or offers to accept an application for a mortgage loan, solicits or offers to solicit a mortgage loan on behalf of a borrower, or negotiates or offers to negotiate the terms or conditions of a mortgage loan on behalf of a lender, or negotiates or offers to negotiate the sale of an existing mortgage loan to a noninstitutional investor. (F.S.A. §494.001)
 
FLORIDA CORRESPONDENT MORTGAGE LENDER LICENSING REQUIREMENTS
INITIAL APPLICATION Must provide audited financial statement documenting that the applicant has a bona fide and verifiable net worth of at least $25,000. Must provide documentation of past incorporation or other form of business organization. Upon request by the Department, each officer, director and ultimate owner of 10 percent or more of the correspondent lender's business must submit a complete set of fingerprints taken by an authorized law enforcement officer (see comments under Mortgage Lenders, Initial Application section). Licensed correspondent mortgage lender may make mortgage loans but is prohibited from servicing mortgage loans for more than four months after the date the mortgage loan was made or acquired. New application for licensure must be submitted prior to the effective date of change in ownership or control whenever a party seeks to own, control or hold with power to vote or holds proxies representing at least 50 percent of any class of equity securities or ultimate equitable ownership.
STATE FEES AND CHARGES
Nonrefundable application fee of $500. Must maintain a surety bond of $10,000.
(F.S.A. §494.0062; F.A.C. §3D-40.099, §3D-40.220, §3D-40.225)
MISCELLANEOUS
Each branch office requires a separate permit. Unless otherwise specified, correspondent mortgage lenders are subject to the same requirements and restrictions as licensed mortgage lenders. (F.S.A. §494.0062)
 
FLORIDA MORTGAGE LENDER LICENSING REQUIREMENTS
INITIAL APPLICATION
Must complete written application on Form DBF-ML-222. Must provide audited financial statements documenting net worth of at least $250,000. Must provide documentation that the applicant is duly incorporated, registered or otherwise formed as a partnership, limited liability company or other lawful entity under the law of a state or the United States. Upon request by the Department, each officer, director and ultimate equitable owner of 10 percent or more of the lender's business must submit a complete set of fingerprints taken by an authorized law enforcement official(under FAC Sec. 3D-40.200, such equitable owner, the chief executive officer, and each director must submit finger print cards, however this does not apply to wholly owned subsidiaries of a state or federal financial institution or to individuals holding an active Florida mortgage brokers license). Must provide any additional information requested by the Department within 45 days from the date of the request. Must inform the Department within ten days from the occurrence of any situation which renders incorrect answers on the application.(F.S.A. §494.0061; FAC §3D-40.200)
STATE FEES AND CHARGES
Nonrefundable application fee of $575 for the principal place of business.
Nonrefundable renewal fee of $575 for the principal place of business.
Nonrefundable application fee of $250 for each branch office.
Must maintain surety bond of $10,000.(F.S.A. §494.0061, §494.0064, §494.0066)
MISCELLANEOUS
Principal place of business does not have to be located within Florida. Each branch office requires a separate permit: - Permit application must include name and address of the licensee, the name of the licensee's employee in charge of the branch office and the address of the branch office.
- Permit must be renewed in conjunction with the license. Branch office permit is required if:
- The mortgage brokerage business, mortgage lender or correspondent mortgage lender receives or offers to accept a mortgage loan application for property located in Florida. - The mortgage brokerage business, mortgage lender or correspondent mortgage lender solicits or offers to solicit a mortgage loan secured by property located in Florida on behalf of a borrower from a lender or investor. - The mortgage brokerage business, mortgage lender or correspondent mortgage lender negotiates or offers to negotiate the terms and conditions of a mortgage loan secured by property in Florida on behalf of a lender or investor. - The mortgage lender or correspondent mortgage lender receives for another installment payments on a mortgage loan secured by property located in Florida from a borrower. - The mortgage lender or correspondent mortgage lender disburses for another the proceeds derived from installment payments on mortgage loan secured by property located in Florida to a noninstitutional investor.
- The mortgage lender sells or offers to sell a mortgage loan secured by property in Florida to a noninstitutional investor. Principal place of business and branch offices must be operated under the full charge, control and supervision of the licensee. - Must provide the Department with a written report identifying any change of address involving the office, directors or owners of the licensee within 30 days of the date of the change. Must notify the Department within 30 days of a name change. - Notice must be accompanied by a new surety bond executed in the new name of the licensee. Must inform the Department within ten days from the occurrence of any situation which renders incorrect answers on the application. License and permits must be prominently displayed in the office for which it was issued. Licenses and permits may not be transferred nor assigned. New application for licensure must be submitted prior to the effective date of change in ownership or control whenever a party seeks to own, control or hold with power to vote, or holds proxies representing at least 50 percent of any class of equity securities or ultimate equitable ownership. All money received from a noninstitutional investor for disbursement at the time of closing must be deposited in a trust account at a federally insured financial institution within seven business days of receipt unless the noninstitutional investor specifically requests otherwise in writing. - Trust account can be used for more than one noninstitutional investor's funds; however, the noninstitutional funds may not be commingled with the licensee's operating account or funds. - Trust account must be maintained in the name of the mortgage lender and must allow for withdrawal without notice. - Licensee must maintain accurate records concerning use of the trust account on form DBF-MX-555 (or on a format substantially similar).
l In lieu of depositing the money in a trust account, the money can also be deposited with and disbursed by an attorney or a title company licensed in Florida, provided that the title company is not owned, controlled or affiliated with the licensee. (F.S.A. §494.0067, §494.0066; F.A.C. §3D-40.077, §3D-40.099, §3D-40.285) To act as a mortgage lender is defined as to make a mortgage loan or to service a mortgage loan for others, or for compensation or gain, or in the expectation of compensation or gain, directly or indirectly to sell or offer to sell a mortgage loan to a noninstitutional investor. (F.S.A. §494.001(3)) A place of business constitutes a branch office when the name or advertising of the mortgage lender is displayed in such a manner as to reasonably lead the public to believe that the mortgage lending business may be conducted at that particular address. (F.A.C. §3D-40.240(2)) Institutional investors are defined to include state or national banks, state or federal savings and loan associations or savings banks, real estate investment trusts, insurance companies, real estate companies, mortgage lenders and mortgage brokers licensed under F.S.A. §494.001-494.0077, or any other like business that invests in mortgage loans such as the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and the Government National Mortgage Corporation. (See F.S.A. §494.001(8))