Division of Finance

Mortgage Brokerage Business, Mortgage Lender and Correspondent Lender

Application Requirements

See Chapter 494, Florida Statutes

Click here for Frequently Asked Questions

TYPE	MORTGAGE BROKERAGE BUSINESS	CORRESPONDENT LENDER	MORTGAGE LENDER	MORTGAGE LENDER SAVING CLAUSE TRANSFER
LICENSE TYPE	MBB	CL	ML	MLST
FEE	$425	$500	$575	$500
FORM	Application: OFR-MB-201	Application: OFR-CL-333	Application: OFR-ML-222	Application: OFR-MLST
AUDITED FINANCIALS (In accordance with GAAP)	None	Dated within 15 months of filing	Dated within 15 months of filing	Dated within 15 months of filing
NET WORTH	None	$25,000	$250,000	$25,000
SURETY BOND	None	$10,000	$10,000	None
SURETY BOND FORM	None	OFR-ML-444	OFR-ML-444	None
ORGANIZATIONAL DOCUMENTS	None	Copy of corporate certificate or similar document showing stamp of proper state agency	Copy of corporate certificate or similar document showing stamp of proper state agency	Copy of corporate resolution or purchase agreement confirming intent to transfer or acquire at least 50% of capital stock or assets
BUSINESS NAME FILED WITH FL SEC. OF STATE (required for use of certain alternate or fictitious names)	Copy of evidence of approval by Florida Secretary of State	Copy of evidence of approval by Florida Secretary of State	Copy of evidence of approval by Florida Secretary of State	Copy of evidence of approval by Florida Secretary of State
OWNERS AND PRINCIPALS OF BUSINESS	EXHIBIT A	EXHIBIT A	EXHIBIT A	EXHIBIT A
BIOGRAPHICAL SUMMARY (required for each owner of 10% or more, CEO and director)	Biographical Summary for Mortgage Brokerage Business OFR-MBB-BIO-1	Biographical Summary for Correspondent Mortgage Lender OFR-CL-BIO-1	Biographical Summary for Mortgage Lender OFR-ML-BIO-1	Biographical Summary for Mortgage Lender OFR-ML-BIO-1
FINGERPRINT CARD AND $23 PROCESSING FEE	Required unless exempt	Required unless exempt	Required unless exempt	Required unless exempt
PRINCIPAL BROKER	Required. Must be licensed as a Mortgage Broker in Florida and have at least one year's experience in the mortgage industry.	None	None	None
PRINCIPAL REPRESENTATIVE	None	Required. Must complete 24 hours of classroom education and pass written test.	Required. Must complete 24 hours of classroom education and pass written test.	Required. Must complete 24 hours of classroom education and pass written test.
APPLICABLE FLA. ADMIN. CODE RULES	69V-40	69V-40	69V-40	69V-40

COMPLIANCE REQUIREMENTS
* Internet filing and payment services available where indicated

TYPE	MORTGAGE BROKER BUSINESS	CORRESPONDENT LENDER	MORTGAGE LENDER	MORTGAGE LENDER SAVING CLAUSE (Repealed)	MORTGAGE LENDER SAVING CLAUSE TRANSFER
LICENSE TYPE	MBB	CL	ML	MLS	MLST
CONTINUING EDUCATION REQUIREMENTS	Refer to Mortgage Broker requirements	Ensure that the Principal Representative, and every Loan Originator and Associate, has completed at least 14 hours of continuous professional education prior to submission of your renewal which is due 08/31/06 for the 2006 - 2008 renewal period.
RENEWAL FEE - MAIN OFFICE *	$375	$475	$575	$575	$575
RENEWAL FORM *	OFR-MB-707
RENEWAL DEADLINE	8/31 of each even - numbered year	8/31 of each even - numbered year	8/31 of each even - numbered year	8/31 of each even - numbered year	8/31 of each even - numbered year
FINANCIAL INFORMATION *	None	Renewal Financial Statement Reporting Form - Certify compliance with net worth requirement of at least $25,000	Renewal Financial Statement Reporting Form - Certify compliance with net worth requirement of at least $250,000	Renewal Financial Statement Reporting Form - Certify compliance with net worth requirement of at least $25,000	Renewal Financial Statement Reporting Form - Certify compliance with net worth requirement of at least $25,000
CONTINUING EDUCATION CERTIFICATION *	Refer to Mortgage Broker requirements	Certify that the Principal Representative, and every Loan Originator and Associate, has completed at least 14 hours of continuous professional education prior to submission of your renewal which is due 08/31/06 for the 2006 - 2008 renewal period.
REINSTATEMENT FEE *	$100 + renewal fee	$100 + renewal fee	$100 + renewal fee	$100 + renewal fee	$100 + renewal fee
REINSTATEMENT DEADLINE	6 months after end of biennial period	6 months after end of biennial period	6 months after end of biennial period	6 months after end of biennial period	6 months after end of biennial period
REINSTATEMENT RETROACTIVE	No	No	No	No	No
QUARTERLY REPORTS *	OFR-MX-QR	OFR-MX-QR	OFR-MX-QR	OFR-MX-QR	OFR-MX-QR
QUARTERLY REPORT FILING DEADLINE	30 days after last day of each calendar quarter	30 days after last day of each calendar quarter	30 days after last day of each calendar quarter	30 days after last day of each calendar quarter	30 days after last day of each calendar quarter
QUARTERLY REPORT REQUIREMENTS	Every licensed business must file an initial report for the first quarter. For subsequent quarters, a report is required only if there were additions or updates during that quarter.
BOOKS AND RECORDS	Rules 69V-40.170 thru 40.177	Rules 69V-40.170, 40.250 thru 40.285	Rules 69V-40.170, 40.250 thru 40.285	Rules 69V-40.170, 40.250 thru 40.285	Rules 69V-40.170, 40.250 thru 40.285
FINANCIAL STATEMENTS (No Filing requirements)	None	Prepare annually within 120 days of FYE	Prepare annually within 120 days of FYE	Prepare annually within 120 days of FYE	Prepare annually within 120 days of FYE
AMENDMENTS * (to report changes)	Written notice	Written notice	Written notice	Written notice	Written notice
NAME CHANGE	Evidence of approval by FL Sec. of State if approval required	Revised organizational documents; revised surety bond form; evidence of approval by FL Sec. of State if required	Revised organizational documents; revised surety bond form; evidence of approval by FL Sec. of State if required	Revised organizational documents; evidence of approval by FL Sec. of State if required	Revised organizational documents; evidence of approval by FL Sec. of State if required
PRINCIPAL BROKER CHANGE	OFR-MB-PB	None	None	None	None
PRINCIPAL REPRESENTATIVE DESIGNATION	None	OFR-ML/CL-PR	OFR-ML/CL-PR	OFR-ML/CL-PR	OFR-ML/CL-PR
CHANGE OF CONTROL (to report change of ownership 50% or greater)	Comply with all requirements for new application	Comply with all requirements for new application	Comply with all requirements for new application	Not available after 1/1/92 due to law change	Comply with requirements for application to register as MLST
TERMINATION	Written notice	Written notice	Written notice	Written notice	Written notice

BRANCH REQUIREMENTS

TYPE	MORTGAGE BROKERAGE BUSINESS BRANCH	CORRESPONDENT LENDER BRANCH	MORTGAGE LENDER BRANCH	MORTGAGE LENDER SAVING CLAUSE BRANCH TRANSFER
LICENSE TYPE	MBBB	CLB	MLB	MLTB
FEE	$225	$325	$325	$325
FORM	OFR-MB-301	OFR-ML-222B	OFR-ML-222B	OFR-ML-222B
BRANCH BROKER (Must be licensed in Florida as a Mortgage Broker)	Required	None	None	None
APPLICABLE FLA. ADM. CODE	69V-40.058 69V-40.077	69V-40.240	69V-40.240	69V-40.105
COMPLIANCE REQUIREMENTS * Internet filing and payment services available where indicated
RENEWAL FEE *	$225	$325	$325	$325
RENEWAL FORM *	OFR-MB-708	OFR-ML-RB	OFR-ML-RB	OFR-ML-RB
RENEWAL DEADLINE	8/31 each even numbered year	8/31 each even numbered year	8/31 each even numbered year	8/31 each even numbered year
REINSTATEMENT FEE *	$100 + Renewal Fee	$100 + Renewal Fee	$100 + Renewal Fee	$100 + Renewal Fee
REINSTATEMENT DEADLINE	6 months after renewal deadline	6 months after renewal deadline	6 months after renewal deadline	6 months after renewal deadline
REINSTATEMENT RETROACTIVE	No	No	No	No
BOOKS AND RECORDS	Rules 69V-40.170 thru 40.177	Rules 69V-40.170, 40.250 thru 40.285	Rules 69V-40.170, 40.250 thru 40.285	Rules 69V-40.170, 40.250 thru 40.285
AMENDMENTS * (to report changes)	Written notice	Written notice	Written notice	Written notice
BRANCH BROKER CHANGE	OFR-MB-BB Branch Broker Designation	None	None	None
TERMINATION	Written notice	Written notice	Written notice	Written notice