Choosing to become an MLO in Florida presents a chance for individuals seeking a fulfilling and ever changing profession. However, before delving into the specifics it's crucial to consider the commitment involved in obtaining your MLO license.
In Florida acquiring an MLO license is mandatory. Comes with unavoidable costs that individuals must be prepared for.
Cost Component | Amount | Notes |
| Pre-Licensing Education | $199 - $400+ | Costs vary by provider. Includes the 20-hour SAFE Comprehensive Course and potentially exam prep materials. |
| NMLS National Exam Fee | $110 | Paid to the NMLS to take the required licensing exam. |
| NMLS Processing Fee | $30 | Paid to the NMLS for processing your application. |
| Florida State Application Fee | $195 | Paid to the Florida Office of Financial Regulation. |
| Credit Report Fee | $15 | |
| FBI Criminal Background Check | $36.25 | |
| State Criminal Background Check | $24 | |
| Fingerprinting | $40 - $60+ | Costs vary depending on the provider. |
Estimated Total: $649.25 - $800+
Pre-Licensure Education:
There is a requirement to have twenty hours in NMLS approved pre-licensure education courses for one to qualify for an MLO license in Florida. These courses discuss critical issues in mortgage lending as well various regulations. Although the prices of these courses may differ from one provider to another, they typically lie between $200 and $500.
Examination Fees:
After the Pre-Licensure Education Completion Certificate has been awarded, you will also have to take and pass SAFE Mortgage Loan Originator Test. The payment that should be made for the examination goes for about a hundred and ten dollars, which has to be done directly to the testing facility. This fee is the charge that a test taker must pay per occurrence of the attempt at attempting to sit for the exam.
Background Checks
In the process of obtaining a license, you will be subjected to criminal background searches that may involve fingerprinting. The approximate cost of the fingerprint process is $ 39.75, which covers conducting necessary checks and the fee for processing your prints.
Licensing Fees
If you’ve passed the exam and fulfilled all pre-licensure education, then you can apply for an MLO license through Nationwide Multistate Licensing System & Registry (NMLS). For the Florida MLOs, the licensing fee is $195, directed to NMLS.
→ Read more: How to Get Your Mortgage Loan Officer License in Florida?
Continuing Education
Once you are licensed as MLO, you will have to attend the annual continuing education course in order to retain the license. These courses allow MLOs to keep in the loop about industry rules and standards. Continuing education courses are rather expensive and range anywhere between $100 to $300 an annual fee.
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→ Read more: how much commission does a mortgage loan officer make?
