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How to Become a Mortgage Loan Originator (MLO) in Florida

Becoming a Mortgage Loan Originator (MLO) in Florida involves meeting both national and state-specific requirements. Here's a detailed guide on the process:


1. Meet the Basic Requirements

To become an MLO in Florida, you must:


  • Be at least 18 years old.

  • Hold a high school diploma or GED.

  • Have a clean background (no felonies within the past seven years, especially financial-related crimes).


2. Complete the Required Education

You need to complete 20 hours of pre-licensing education approved by the Nationwide Mortgage Licensing System (NMLS). This includes:

  • 3 hours of Federal Law and Regulations

  • 3 hours of Ethics (including instruction on fraud, consumer protection, and fair lending issues)

  • 2 hours of training related to lending standards for non-traditional mortgage products

  • 12 hours of elective coursework

In addition, Florida requires 2 hours of state-specific education, bringing the total to 22 hours.


3. Pass the SAFE MLO Exam

After completing your pre-licensing education, you must pass the SAFE MLO Test, which includes both a national and state component. The exam assesses your understanding of federal laws, mortgage origination, and ethics. The passing score is 75%, and you can retake the test after a 30-day waiting period if you do not pass on your first attempt.


4. Submit to a Background Check and Credit Check

As part of the NMLS application process, you’ll need to undergo:


  • Fingerprints submission for a criminal background check.

  • A credit check to assess your financial responsibility.

Both are required to ensure that MLOs are trustworthy and able to handle consumer financial transactions.


5. Apply for Your Florida MLO License

Once you've passed your exam and completed your background and credit checks, you'll need to apply for a license through the NMLS. The Florida Office of Financial Regulation (OFR) oversees the licensing process, and you'll need to submit:


  • Your NMLS application.

  • Fees for the application and licensing.

  • Required documentation like proof of completed education and passed exams.


6. Work for a Licensed Mortgage Broker or Lender


After obtaining your MLO license, you can only work as an MLO under the sponsorship of a licensed mortgage broker or lender. You cannot operate independently as an MLO in Florida.


Fees Breakdown:


  • NMLS processing fee: $30

  • Florida application fee: $195

  • FBI Criminal Background Check: $36.25

  • Credit Report: $15


How Much Does a Mortgage Loan Originator Make in Florida?


The salary of a Mortgage Loan Originator (MLO) can vary based on experience, location, and performance (as many MLOs earn commissions). Here are some key statistics:


  • Base Salary: On average, MLOs in Florida earn a base salary between $50,000 and $60,000 per year. This can vary depending on the employer and region within the state.

  • Commissions: MLOs typically earn commissions on each loan they close, which can significantly boost earnings. Commissions are usually calculated as a percentage of the loan amount, ranging between 0.5% and 2%. For example, closing a $300,000 loan could earn an MLO between $1,500 and $6,000 in commission.

  • Overall Earnings: According to salary data, the total earnings (base salary + commissions) for MLOs in Florida typically range between $70,000 and $150,000 annually, depending on performance. Some high performers can earn even more.


Becoming a Mortgage Loan Originator in Florida requires completing education, passing exams, and undergoing background checks. Once licensed, MLOs can earn substantial income through a combination of base salary and commissions, making it a lucrative career in the financial sector.

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