New Loan Officer Loan Application Checklist Jurisdiction-Specific Requirements Instructions
The Total Approximate total cost for a Florida Loan Officer license is $678.75 which includes:
$425 Florida application fee
$100 Florida guaranty fund fee
$100 NMLS processing fee
$38.75 FBI & State criminal background check fee plus live scan vendor costs for each control person
$15 NMLS Credit report fee for each control person All fees collected through the NMLS ARE NOT REFUNDABLE
1. Form MU1. Each business shall apply for a Mortgage Broker license by submitting a Form MU1 through NMLS. Form MU2 must also be completed through NMLS for each control person listed on Form MU1.
2. Filing Requirements. Upon receipt of the following, the Florida Office of Financial Regulation will consider a Mortgage Broker application received and begin reviewing the application: o Form MU1 filed through NMLS o Statutorily required application fee and guaranty fund fee ($425 + $100) o FBI criminal history background check results (control persons) o State criminal history background check results (control persons) o Credit report (control persons) NOTE: A control person that holds an active loan originator license in Florida is exempt from the FBI & State criminal background check and the credit report requirement as part of the mortgage broker application requirements. The Florida Office of Financial Regulation will not begin its review of an application until all the items listed above have been received. Once an application has been deemed received, the NMLS status will change from “Pending-Incomplete” to “Pending-Review”. Once the status has been changed to “Pending-Review” the application will be reviewed and deficiencies will be added as license items in NMLS.
3. Principal Loan Originator. Complete the Qualifying Individual section of the MU1 form to add the Principal Loan Originator. You must select Florida as an applicable jurisdiction. The Principal Loan Originator must be licensed as a Florida loan originator. The Principal Loan Originator must also demonstrate to the satisfaction of the Office of Financial Regulation that he or she has been actively engaged in a mortgage broker related business for at least one year before being designated as a Principal Loan Originator. Individual licensure with the Office of Financial Regulation for one year will satisfy the experience requirement.
4. FBI & State Criminal Background Check. Each control person must submit fingerprints to a live scan vendor approved by the Florida Department of Law Enforcement and published in the Florida Department of Law Enforcement’s website (http://www.fdle.state.fl.us/cms/Criminal-HistoryRecords/Documents/ApplicantLivescanService-ProvidersVendors.aspx) for submission to the Florida Department of Law Enforcement for a state criminal background check and to the Federal Bureau of Investigation for an FBI criminal background check (ORI Number: FL921050Z). The cost of fingerprint processing shall be borne by the applicant and paid directly to the Live Scan vendor. Resubmission of the prints for the state criminal background check may be required if incorrect information (social security number, date of Updated: 2/1/2016 Page 2 of 3 birth, etc…) is provided to the Live Scan vendor. Resubmission of prints will result in additional costs to the individual being reprinted.
5. Disclosure Questions. Provide the following documents related to all events or proceedings for any “Yes” answer to any of the disclosure questions on Form MU1 and Form MU2 (control persons):
(a) A copy of the police arrest affidavit, arrest report or similar document.
(b) A certified copy of the charges.
(c) A certified copy of the plea, judgment, and sentence where applicable.
(d) A certified copy of an order of entry into pre-trial intervention, and the order of termination of pre-trial intervention showing dismissal of charges where applicable.
(e) A certified copy of an order of termination of probation or supervised release, if applicable. If the requested documentation cannot be obtained, the relevant person shall submit evidence of that fact in order for the application to be deemed complete. Evidence that documentation cannot be obtained shall consist of a written statement on the letterhead of the agency that would be the custodian of the documents, signed by a representative of that agency, stating that they have no record of such matter, or that the record is lost or was damaged or destroyed, or otherwise stating why the document cannot be produced.
6. Credit Report. Each control person must authorize the Registry to obtain an independent credit report and make it available to the Office of Financial Regulation. The cost of the credit report shall be borne by the applicant. Upon notification by the Office of Financial Regulation each control person shall provide documents related to “adverse credit history information” contained in the control person’s credit report. The requested documents provided by each control person must be legible. Documents that are typically requested by the Office include, but are not limited to:
(a) Copies of satisfaction of judgment.
(b) Copies of satisfaction of outstanding tax liens or other governmental liens. (c) Copies of court documents that reflect the substance of the matter and how the matter was resolved or adjudicated.
(d) Copies of account statements or letters from the creditors explaining the current status of accounts. For security purposes, the relevant person may redact all but the last four (4) digits of the account number prior to submitting the document to the Office.
(e) Copies of tax returns, pay stubs, or other documentation of income. If the documents requested above cannot be obtained, the control person shall submit evidence of that fact in order for the license application to be deemed complete. Evidence that documents cannot be obtained shall consist of a written statement from the agency’s or creditor’s records custodian that is written on the agency’s or creditor’s letterhead; indicates that the agency or the creditor does not have any record of such matter or that the record was lost, damaged, or destroyed, or cannot otherwise be produced and provide a statement as to Updated: 2/1/2016 Page 3 of 3 why the record cannot be produced; and is signed by the agency’s or creditor’s records custodian.
FOR FLORIDA LOAN OFFICER LICENSING QUESTIONS CALL – Contact Bureau of Regulatory Review – Finance licensing staff by phone at 850-410-9895 for additional assistance.
THE APPLICANT/LICENSEE IS FULLY RESPONSIBLE FOR ALL OF THE REQUIREMENTS OF THE LICENSE FOR WHICH THEY ARE APPLYING. THE JURISDICTION SPECIFIC REQUIREMENTS CONTAINED HEREIN ARE FOR GUIDANCE ONLY TO FACILITATE APPLICATION THROUGH THE NMLS. SHOULD YOU HAVE QUESTIONS, PLEASE CONSULT LEGAL COUNSEL. YOU ARE NOT AUTHORIZED TO ENGAGE IN FLORIDA REGULATED MORTGAGE ORIGINATION ACTIVITIES UNTIL YOU HAVE BEEN GRANTED A LICENSE ISSUED BY THE FLORIDA OFFICE OF