Florida Mortgage Broker License Course - New York Real Estate School

About The Course

The 24-hour pre-licensing course is a requirement for anyone wanting to obtain a Florida mortgage broker license. The course is designed specifically to help the students pass the required Florida mortgage broker exam.

This is not a real world class. This class teaches the concepts that the State of Florida includes in the state exam.

The class is scheduled for two very full days. It will be scheduled from 8:00 AM until 8:00 PM (Saturday and Sunday). Since the course is a 24-hour course, we find it works best to just get it done in two days versus spreading it out. Plus, the state considers an hour to be 50 minutes long so with minimal breaks, class usually lets out sooner.
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Included in the class:

• All materials needed
• Over 500 practice questions
• 2 study CD’s
• 2005 Hot Sheet (100 excellent sample test questions)
• 2005 Sizzling Statements
• 2005 Last Glance
• Practice True False Test. (state exam is all multiple choice questions)

 

Who is the Instructor?

The course is by Jim Read who operates the Academy of Mortgage
Education in West Palm Beach Florida. Jim is active with the Florida
Association of Mortgage Brokers. He now serves as a local director and
co-chairs the education committee. Jim brings animation and 21 plus years
of experience as a mortgage professional and teacher to each of his
classes. Real world experiences and examples help reinforce the topics
taught in the pre-licensing course.

 

Instructor BIO?

Jim graduated with a Master’s degree in Education from the University of Florida in 1977. After a six-year tenure as a classroom teacher (middle school, high school and community college), Jim was persuaded to try the mortgage business.

Jim worked for a few of banks and mortgage companies before opening his own mortgage brokerage business in 1990. He now co-owns Team Lending Group in West Palm Beach, Florida. Team Lending Group is a licensed correspondent mortgage lender.

Jim taught the Florida mortgage broker 24-hour pre-licensing course for another real estate school in Florida before opening The Academy of Mortgage Education in West Palm Beach, Florida in 2001.

Jim is active with the Florida Association of Mortgage Brokers. He now serves as a local director and co-chairs the education committee.

Jim brings animation and 21 plus years of experience as a mortgage professional and teacher to each of his classes. Real world experiences and examples help reinforce the topics taught in the pre-licensing course.

 

Where do I take this course?

New York Real Estate Institute
139 West 35th, 2nd floor
New York, NY 10018
see map

Frequently Asked Questions

1. If I get my Florida mortgage broker license, can I then start originating loans on property located in Florida?

Not yet. Obtaining an INDIVIDUAL mortgage broker license would allow you to do Florida business only when you either:
• Put your license with a Florida mortgage brokerage business or
• Form and license your own Florida mortgage brokerage business, correspondent mortgage lender or mortgage lender operation. Once you have taken the 24 hour course, passed the state exam and received your individual mortgage broker license, obtaining a mortgage brokerage business license is just a matter of sending the appropriate money. The requirements to be a correspondent lender or mortgage lender are tougher but have to do with net worth requirements. When you take the 24 hour course, you’ll learn all this.

2. Do I have to go to Florida to take the state exam?

Yes. At this time, the State of Florida makes everyone come to Florida to take the exam. However, by taking the Florida 24-hour course in New York, it will save you at least three days away from home. That way you save money on hotels, car rental and food costs.

3. What is the cost of obtaining my Florida mortgage broker license?

The cost of the course is $399. The amount of money you will send to the State of Florida for your application is $223. The initial license is good until August 31 of the next odd numbered year. If you pass your test in June, July or August of an odd numbered year, the State will give you an option. Get licensed immediately but pay the $150 when August 31, 2005 arrives or the State will withhold actually issuing your license until September 1, 2005. So, the initial license is only good for the remainder of the two year period you happen to be in. After that, the new license are good for the full two years (renewing August of every odd year). The cost for license renewal is $150 every two years.

4. What about the cost of getting a business license?

This could get into a lot of details so the best way to check all of this out is to go to www.dbf.state.fl.us/licensing to get all the information you want. You can also e-mail me, Jim Read, at jread@teamlending.net or call me at 561-433-0915 for more information.


5. I am already licensed in New York (or any other state). Is there any
reciprocity with any other state? In other words, is there any way around me getting licensed in Florida to do business in Florida?

The quick answer is no. Florida does not recognize any out of state mortgage license. They do recognize mortgage related experience in another state if you plan to become the principal broker or principal representative of a new Florida company.

The only way you could originate loans in Florida without having a Florida mortgage broker license is to actually be an employee (w-2) of a correspondent lender or mortgage lender. You will learn more about this in the 24 hour course.

6. If I do open my own business in Florida, must I have a principal place
of business? Must it be in Florida?

Yes, you must have a principal place of business but the good news is it can be located anywhere in the WORLD! Some states are called “brick and mortar” states because you must have a physical office in that state to operate. Not in Florida.