1. I want to open a mortgage business school. What are the filing requirements?

2. Are there any exemptions or exceptions from the licensing requirements for a school?

3. Are there any reporting requirements for exempt schools?

4. Are there any licensing or reporting requirements for school instructors or teachers?

5. Is the school required to have a permanent classroom facility?

6. Does student instruction have to be provided in a classroom setting?

7. What methods of distance learning are acceptable?

8. What courses can a school receive authorization to teach?

9. Are the terms Professional Education and Continuing Education used interchangeably?

10. What course materials must be submitted to OFR for approval?

11. What are the requirements for certifying a student has completed a course?

12. How does the electronic filing process work for reporting student information to the Office of Financial Regulation?

13. Are there any restrictions on advertising?

Review the Quick Reference Requirements for Mortgage Business Schools. [Rule 69V-40.028, F.A.C.]

Yes. There is an exception for accredited colleges, universities, community colleges and area technical centers located in this state. [S. 494.0029, FS]

3. Are there any reporting requirements for exempt schools?

To teach the 24 hour Pre-License course – YES. Course certifications must be filed electronically with the Office of Financial Regulation ("Office") within 5 days after completion. To comply with the electronic filing requirements, exempt schools should contact this Office to obtain a School ID and password, in order to add records electronically through our website.

To teach Continuing Education – NO. However a completion certification must be provided directly to each student.

No.

No.

6. Does student instruction have to be provided in a classroom setting?

To teach the 24 hour Pre-License course – YES. All instruction must be given in a classroom, face to face with the instructor. [Rule 69V-40.026, F.A.C.]

To teach Continuing Education – NO. Instruction may be in a classroom or in a form of distance learning. [Rule 69V-40.0271, F.A.C.]

In addition to the classroom instruction method, Continuing Education courses may be offered through electronic transmission ("Internet") or distance education ("correspondence course"). [Rule 69V-40.0271, F.A.C.]

A school may apply for authorization to teach Continuing Education only, or the 24 Hour Pre-License Course, or both.

Continuing Education shall include at least 14 hours of professional education programs covering primary and subordinate mortgage financing transactions and the provisions of Chapter 494, F.S. The programs must contribute directly to the professional competency of the participants. The course of study shall include at least 4 hours on the laws in Chapter 494, F.S. and the rules in Chapter 69V-40, F.A.C. The 14 hours can be taken in one or more courses at one or more schools. [Rule 69V-40.0271, F.A.C.]

For the 24 Hour Pre-License course, the curriculum shall cover primary and subordinated financing transactions, the provisions of Chapter 494, F.S. and Rule69V-40, F.A.C., federal statutes which apply to the financing of real estate, and current and accepted mortgage principles and technical information basic to the mortgage profession. [Refer to Rule 69V-40.026, F.A.C. and to the 24 Hour Course Outline.]

Yes. The term "Professional Education" is used in Chapter 494, F.S. to describe the educational requirements for licensees.[Section 494.00295, F.S.]  In the rules it is also referred to as "Continuing Education". [Rule 69V-40.0271, F.A.C.]

Only schools teaching the 24 Hour Pre-License course must submit course materials unless specifically requested by this Office. For the application process, submit a copy of the workbook and/or study guide used for the 24 Hour Pre-License course. [Rule 69V-40.028, F.A.C.] For the accreditation and renewal process, a letter will be sent to each licensee requesting submission of the actual workbook and/or study guide that contains all printed materials distributed to candidates for this course. [Rule 69V-40.030, F.A.C.]

If teaching Continuing Education, the school shall submit a certificate of completion to the student within 5 days of completion. It shall indicate successful completion of the course and the number of hours that course consisted of. The certificates are not to be submitted to this Office. [Rule 69V-40.0271, F.A.C.]

If teaching the 24 Hour Pre-License course, the school shall submit a list electronically to this Office within 5 days after completion of the course by each student. The list shall include identifying information about each student and the course completion date. Upon licensure by this Office, each school is given instructions and an authorization number to access its record through our website. There is no statutory requirement to provide a student with a certificate. [Rule 69V-40.027, F.A.C.]

To submit the list electronically a school should go to the website at www.flofr.com/Finance/MB-Schools.htm. Under "On-Line Services" select "Mortgage Business Schools – File Student List". Use the School ID and password issued to your school by this Office to login, then follow the instructions to add a record for every student who completed the 24 Hour Pre-License course. If you need to correct any records after they have been added, contact this Office for assistance.

Yes there are several, including but not limited to the following areas. A school shall advertise only as a school and under the permitted name of such school as recognized by this Office. Reference may not be made in any publication or communication medium as to a pass/fail ratio on mortgage business examinations by any school permitted by the department. Reference or comparison cannot be made to another school (named or unnamed). A school cannot make any type of guarantee of non-measurable outcomes such as "satisfaction guaranteed." [Section 494.0029, F.S. and Rule 69V-40.0281, F.A.C.]