The Mortgage School, LLC . Getting Your License . Frequently Asked Questions

What are the requirements for a Florida mortgage broker license?

be at least 18 years of age

complete the state required course

pass the state examination

need not be a Florida resident

The Test

How do I apply for the state exam?

Phone the Department of Banking and Finance at (850) 410-9895.

Or fax (850) 410-9914 and request an application.

You may also obtain the application at the Department of Financial Services website.

Or open the Mortgage Broker License Information from the Office of Financial Regulation here.

What is the cost to apply for the state exam?

$ 223.00 (This includes your first license.)

What is the cost to retake the state exam?

There is no charge, provided you pass the exam within the 90 day period stamped on the examination form. Typically, this means 2 attempts. If you do not take or pass the state exam within this 90 day period, a new application must be submitted with another $215.00.

When and where is the state exam given?

The exam is given in St. Petersburg, Orlando, Ft. Lauderdale and Tallahassee. It is typically held on the fourth Tuesday of the month.

How long after taking the state exam will I be notified of passing?

Official results will be sent by mail approximately 5 days after your exam.

How long after passing the state exam will I receive my license?

Your license will be sent by mail approximately 30 days after passing the state exam and providing your course completion certificate.

What is the renewal period?

Your mortgage broker license must be renewed every 2 years. The renewal period begins September 1 of odd numbered years.

What is the cost to renew the License?

The cost to renew is $150.00.

How do I sign up?

A deposit of $100.00 will secure your place in class. The balance is due on the 1st day of class. You may register in person or by mail with our printable form. Our mailing address is: The Mortgage School, 1017 Thomasville Rd, Suite A, Tallahassee, FL 32303.

The online registration form is available for your convenience as well. Please note receipt of the $100 registration fee is required to finalize your registration.

Part 2 - Tell Me More About the Course

Where, when and how long is it?

In Tallahassee, once per month and 24 hours, Fri. 6pm-9pm, Sat. 8am-6pm, Sun. 8am-6pm.

What's covered in the class?

Florida Statute 494 & Federal Laws, Fannie Mae Underwriting Guidelines, Real Estate and Math.

What is the cost?

$349.00 (49.00 discount is given if paid in full 15 days prior to your course date)

What does that include?

All the books, all questions, all materials (additonal practice questions and online flashcards are available for an additional charge).

Part 3 - Course Supplements

	*Do you offer any additional study materials ?*
	Yes we have a package of 331 Practice Test Questions and 200 Flashcards that you can utilize on your home or work computer.
	*What is the cost?*
	$39.99
	*Do I need to take your course to use these practice questions?*
	No these questions will supplement any course that you take.
	*How does the process work?*
	Click on the link below and you will be prompted to pay through a 3rd party. They will provide you with the needed instructions to access the flashcards. Flashcard Download - Click here!
	*Do you have any guarantee ?*
	Yes, If you take our course and purchase the practice exams and flashcard package and fail the state exam (provided you take the test within 45 days of taking our course) we will refund your money ($39.99) upon verification of your failing the state exam.

Part 4 - State Exam

	*When is it given?*
	The 4th Tues. of each month.
	*Where is it given?*
	In Tallahassee, right down the street from our classroom, and other places in Florida.
	*When does the state application need to be in their hands?*
	On or before the 15th day of the month preceding the month for which you wish to be scheduled to take the exam. Example: if you wish to take the course in March, you have to register by February 15th.
	*Can I submit the state application before I take your class?*
	Yes, and you should. (see above)
	*What's on the State Exam?*
	Florida Statute 494 and Federal Laws 25%, Fannie Mae Guidelines 35%, Real Estate 35%, Math 5%. The state will send you a test outline, READ IT!
	*How many questions?*
	100 (All multiple choice, each worth 1 pt.)
	*What is passing?*
	75%
	*What if I fail or do not take the exam?*
	You will automatically be rescheduled for the following month (you get 90 days from the time the state REVIEWS your application).
	*When will I receive the license after I pass the test?*
	You may receive a temporary license as quickly as 1 week after the exam. Your permanent license may arrive later.
	*When and how will I get my results?*
	Approximately 1 week after the test, by mail.

Part 5 - License Questions

	*Why should I get a license?*
	In Florida, those persons who arrange loans tied to real estate with another's money must be licensed to be paid. Also, to be paid a referral fee, finders fee, bird dog fee, etc., you must be licensed, otherwise it's a kickback, which is illegal.
	*Once I am licensed, what must I do to be paid?*
	As an "Associate" Broker you must place your Associate license with a licensed mortgage broker business office. (It's just like a real estate salesperson who works for a real estate broker.)
	*Can I take the class and/or exam without knowing where I am going to place my license?*
	Yes, most people do!