Chapter 494 - Continuing Education for Mortgage Brokers & Lenders

(revised May 2008)

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1.       Is Continuing Education required before I can renew my Mortgage Broker license?

YES. However, Section 494.00295, Florida Statutes, provides for one exception.

Requirement: At the time of renewal, you will be required to certify that you have taken at least 14 hours of professional mortgage training from an accredited Mortgage Business School within the past two (2) years.

Exception: Section 494.00295(1), Florida Statutes, states: . . . The requirements for professional continuing education are waived for the license renewal of a mortgage broker who has completed the 24-hour pre-licensing classroom education requirement of s. 494.0033(3), F.S., within 90 days of the biennial license period immediately following the period in which the person became licensed as a mortgage broker.

2.       Do I submit my certificate to the Office of Financial Regulation?

NO. DO NOT send your certificate of continuing education to the Office. You will be required to certify at the time of renewal that you have satisfied the continuing education requirement. In accordance with Rule 69V-40.043(5), F.A.C., a mortgage broker is responsible for maintaining copies of the certificate of completion for all continuing education courses completed and supply them to the Office upon request. Chapter 494.00295(1), F.S., requires that licensees maintain records documenting compliance with this requirement for a period of four (4) years.
 

3.       My mortgage broker license is currently INACTIVE. Is Continuing Education required before I can reactivate my inactive individual Mortgage Broker license?

YES. You will need to reactivate your license on-line via the Office’s REAL system at http://www.flofr.com/REAL/index.htm upon which you will be required to certify that you have satisfied the continuing education requirement. Completion of this process will only reactivate your license through the end of the current licensing period.
 

4.       Is Continuing Education required before we can renew our current Mortgage Brokerage Business or Lender licenses?

YES. Lenders must certify that their Principal Representatives as well as their loan originators, have completed the required training at the time of the lender renewal filing.

NO. Mortgage Brokerage Businesses are not required to certify continuing education requirements for their associates as each of them are required to do so when they renew their individual mortgage broker license.
 

5.       When are Principal Representatives and Loan Originators of licensed Lenders required to complete their 14 hours of continuing education?

Prior to submission of the lender's renewal filing.

At the time of the lender's renewal, the licensee must certify that their principal representative and all loan originators have completed least 14 hours of professional continuing education from an accredited Mortgage Business School within the past 2 years.  

NOTICE --- Mortgage Brokers who are Lender Associates, Principal Representatives or Loan Originators. If you are a licensed Mortgage Broker who works as an independent contractor with a lender, you are an Associate of a Lender. Associates of a Lender must demonstrate completion of 14 hours of professional continuing education at an accredited Mortgage Business School at the time the Associate renews his or her individual Mortgage Broker license. A licensed Lender must also certify that Principal Representatives and Loan Originators have satisfied 14 hours of professional continuing education at an accredited Mortgage Business School within 2 years of the date of its renewal. (This does not apply to associates of Mortgage Brokerage Businesses.)

Click Continuing Education to obtain a list of the schools.