Mortgage Broker Test

Mortgage Broker Test and Testing Information

In the United States, the mortgage industry is highly regulated by state departments and agencies. Each state sets the rules and requirements for mortgage brokers. In some states, mortgage brokers must pass a test before getting their license. Typically, some completion of mortgage education is also required prior to taking the local mortgage broker test.

 

In the U.S., most states actually do not require mortgage brokers to pass a test to get certified. It's important to check with the local department that regulates mortgage industry and check for information on testing. We will focus on the states that have mortgage broker tests, including large states such as Florida and Texas. Let's use Florida as an example to demonstrate the mortgage broker test and process involved. Using this example, you can get a general idea about mortgage broker tests in other states.

 

In Florida, mortgage brokers are regulated by the Florida Office of Financial Regulation. This department requires that mortgage brokers take a 24 hour course from an accredited school. The 24 hour mortgage course must be taken physically in a class setting and NOT online. The course basically prepares mortgage brokers for the state test and usually provides students with tools such as textbooks and CD's during the process. The average price for this 24 hour mortgage course is $250. The first step to taking the mortgage broker test is the completion of the 24 hour course. Once the course is completed, students are eligible to take the mortgage broker test.

 

Now let's scrutinize the Florida mortgage broker test. The test consists of 100 multiple choice questions and the passing score is 75% of questions answered correctly. The time limit for the test is three hours. The test covers topics such as Florida Mortgage Brokerage and Lending Act, the Florida Fair Lending Act, the Patriot Act, all federal lending and housing regulations, complete knowledge of FHA/VA and Conventional mortgages, Fannie Mae underwriting guidelines and closing procedures, basic real estate knowledge such as surveys and deeds, plus mathematical calculations relating to financing.

 

There are multiple testing sites for the Florida mortgage broker test including in Jacksonville, Fort Lauderdale, Orlando and Tallahassee. The test is usually given on the fourth Tuesday of each month. It's recommended that individuals taking the mortgage broker test arrive early and bring multiple number two pencils, calculator and Identification.

 

After the 24 hour course is completed, the school sends the list of students to the Florida Office of Financial Regulation. Mortgage brokers applying for a license do not need to directly submit proof of 24 hour to the office unless specifically requested by the office. The fee for applying for the state mortgage broker test is about $250 and includes the state license. Whether you fail to show up or fail the actual test, it may be retaken for free within 90 days. If you do not retake the test within 90 days, a new application and fee must be submitted and paid. Official test results are usually mailed to the mortgage broker within 10 business days. About 30 days after passing the mortgage broker test, the Florida Office of Financial Regulation will send out the official license, provided that all other requirements are met.

 

So there, once you pass the state test, you are free to enter the exciting mortgage industry and rise to the top.