This course is designed to prepare candidates to take the exam to become a state-licensed mortgage loan originator in Florida under the Office of Financial Regulation (OFR). This 2-hour course covers Florida specific rules and regulations as mandated by OFR, and is required as part of the 20 hours of prelicensure education needed to become a Florida-licensed mortgage loan originator.

Topics and Module Summaries

This course consists of five modules and a final exam:

1. General Mortgage Regulations (22 minutes)
2. Licensing of Mortgage Loan Originators (13 minutes)
3. Licensing of Mortgage Brokers (11 minutes)
4. Licensing of Mortgage Lenders (20 minutes)
5. Prohibited Conduct and OFR Investigations (24 minutes)
6. Final Exam (10 minutes)

Total study time: 2 credit hours

Module 1: General Mortgage Regulations

Let's start this course with an overview of Florida mortgage lending regulations. We'll start by outlining definitions and terminology, and then move onto those who do not need to have a mortgage license issued under Florida Statute Chapter 494. We'll also cover what would qualify as a licensee conflict of interest, and how OFR further protects consumers with their guaranty fund.

Module 2: Licensing of Mortgage Loan Originators

A mortgage loan originator is 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 noninstitutional investor for compensation or gain. This module will explain the Florida requirements for obtaining a mortgage loan originator license.

Module 3: Licensing of Mortgage Brokers

A mortgage broker is a person who conducts loan originator activities through one or more licensed loan originators, either employed or as independent contractors. This module will review the basic licensing requirements of mortgage brokers, branch office registrations, and limitations on fees charged by mortgage brokers.

Module 4: Licensing of Mortgage Lenders

A mortgage lender is a person making a mortgage loan or servicing a mortgage loan for others, or, for compensation or gain, directly or indirectly, selling or offering to sell a mortgage loan to a non-institutional investor. In this section we'll review the licensing requirements of a mortgage lender and the various consumer protections a lender must comply with.

Module 5: Prohibited Conduct and OFR Investigations

The Office of Financial Regulation (OFR) has the authority to review the books and records of a person licensed under its jurisdiction. This also includes the right to investigate licensees for misconduct or violation of Florida's mortgage licensing statutes. This module will summarize OFR's enforcement actions and the various prohibited acts that may trigger an investigation of a licensee's conduct.

NMLS ID Required

You must have an NMLS ID to receive credit for this course. You will need this number before you begin the course.

If you already have an NMLS ID, but don't remember what it is:

• Login into NMLS,
• Click on the Composite View tab, then
• Click View Individual on the sub-header row.
• The number that appears in parentheses after your name is your NMLS ID number.

If you do not have an NMLS ID and need to obtain one, use the instructions available in the NMLS Resource Center