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Classroom Locations:
Cooke Real Estate School and Kambuck Resources have partnered to bring students the best Mortgage Broker License Course available. . Here is a link to the cities, dates and times for the course.
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Mortgage Broker Pre-License 24 Hour Course:
A mortgage broker is an individual who acts as an associate for either a license mortgage broker business or any lender licensed under Florida Statute 494. A license mortgage broker is authorized to solicit mortgage loans on behalf of a borrower, to accept an application, and to negotiate terms and conditions of a mortgage loan on behalf of a lender. Plus as of January 1, 2010 all loan originators will be required to be licensed. The new verbiage in the law states that anyone who is "negotiating or offering to negotiate the terms of conditions of a new or existing mortgage loan on behalf of a borrower or lender" will need to be licensed. The penalty is $1,000 fine per day. |
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PLEASE NOTE:
This textbook is included with the course and will be issued on the first session of the course.
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Mortgage Brokers Application and Licensure Requirements:
- Florida residency not required;
- Be at least 18 years of age;
- Complete 24 hours of schooling;
- Submit form DBF-MB-101, fingerprint card and fee;
- Pass state test.
The purpose of the Mortgage Brokers License Course is to teach the fundamentals of mortgage lending in a simple and concise manner. The course manual is a complete and comprehensive guide for those entering the mortgage brokerage profession. No prior knowledge of the subject is required.
The Mortgage Brokers License Course includes a course manual with in depth chapters covering:
- Basic Mortgage Provisions
- State and Federal Law
- Mathematics
- The Loan Cycle from Application to Servicing
- Secondary Mortgage Market
- PLUS
the following:
- Current FNMA underwriting guidelines
- Loan origination, processing, underwriting, closing and servicing mortgages
- Fannie Mae®, Department of Banking & Finance, and Mortgage Lending Forms
- Common abbreviations
- 200+ Mortgage Lending Terms
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The State Exam
The
Mortgage Broker state exam is issued by Pearson Vue. Pearson VUE has test location all over Florida. Here is a link to the locations: LINK . The student can pick a location and call Pearson VUE and schedule the state exam with them.
- The test consists of 100 multiple choice questions.
- Passing grade is 75 or greater.
- Candidates have 3 hours to complete the test.
- The test content is changed each month.
- Important Links
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