Florida Mortgage Loan Originator

Which agency is the primary regulator of mortgage loan originators in Florida?

• AFlorida Department of Business and Professional Regulation
• BFlorida Office of Financial Regulation (OFR)
• CFlorida Real Estate Commission
• DFlorida Department of Banking

What is the primary Florida statute governing mortgage lending?

• AFlorida Statute Chapter 120
• BFlorida Statute Chapter 494 — the Florida Mortgage Lending Act
• CFlorida Statute Chapter 718
• DFlorida Statute Chapter 475

What type of foreclosure does Florida primarily use?

• ANon-judicial foreclosure
• BJudicial foreclosure through the circuit court
• CAdministrative foreclosure
• DStrict foreclosure

How many hours of pre-license education does Florida require for MLO candidates?

• A10 hours
• B15 hours
• C20 hours
• D24 hours

What is the minimum surety bond requirement for MLOs in Florida?

• A$10,000
• B$25,000
• C$50,000
• D$100,000

What is Florida's usury law regarding residential mortgage interest rates?

• AMaximum 6% per annum
• BMaximum 18% simple interest for loans under $500,000; 25% for loans of $500,000 or more
• CFlorida has no usury limit for mortgages
• DMaximum 10% per annum

How many hours of continuing education must Florida MLOs complete annually?

• A4 hours
• B8 hours
• C12 hours
• D16 hours

What enforcement actions can the Florida OFR take against a licensed MLO?

• AOnly verbal warnings
• BImpose administrative fines up to $25,000 per violation, suspend or revoke licenses, issu…
• COnly recommend action to the Governor
• DTransfer the license to another state

What is the first step in initiating a Florida judicial foreclosure?

• APublishing a notice in the newspaper
• BFiling a lis pendens and foreclosure complaint with the circuit court in the county where…
• CSending a text message to the borrower
• DConducting a public auction

What is the Florida homestead exemption and its impact on mortgage lending?

• AFlorida has no homestead exemption
• BFlorida provides an unlimited homestead exemption for the home's value from forced sale b…
• CFlorida's exemption is $50,000
• DThe exemption prevents all foreclosures

What is the Florida requirement for background checks for MLO applicants?

• AOnly a state check
• BFBI fingerprint-based criminal background check and credit report review through NMLS
• CNo background check needed
• DOnly a credit check

What is the Florida requirement for MLO disclosures to borrowers?

• ANo disclosures required
• BTRID-compliant Loan Estimates, Closing Disclosures, and Florida-specific disclosures rega…
• COnly verbal summaries
• DDisclosures only for jumbo loans

How long does a typical Florida judicial foreclosure process take?

• A30 days
• B90 days
• C6 to 18 months or longer depending on court backlogs
• DExactly 1 week

Under Florida law, can a lender pursue a deficiency judgment after foreclosure?

• ANo, always prohibited
• BYes, the lender can seek a deficiency judgment within one year of the foreclosure sale, a…
• CYes, without any restrictions
• DOnly with borrower consent