FLORIDA MLO TEST PREP | 220 QUESTIONS
AND CORECT DETAILED ANSWERS
(VERIFIED ANSWERS) | SCORED A+ | NEW
UPDATE 2025
Office of Financial Regulation (OFR) - The Office. - ANSWER Regulatory
authority in Florida. Responsible for overseeing banks, credit unions, savings
associations, etc. Licenses and regulates non-depository finance entities.
Financial Services Commission (The Commission) - ANSWER The head of the
Office of Financial Regulation and the Office of Insurance Regulation. Its members
include the Governor, Attorney General, Chief Financial Officer and Commissioner
of Agriculture Commission. responsible for final approval and adoption of rules
developed by each Office.
OFR
3 Divisions
Bureau - ANSWER Since the Office of Financial Regulation regulates the
banking, finance and securities industries in Florida, our main area of focus will
remain within this regulatory entity. The OFR contains 3 Divisions and 1 Bureau:
Division of Financial Institutions: - ANSWER Oversees state-chartered
commercial banks, credit unions, savings associations, savings banks, credit card
banks and non-deposit trust companies
Division of Consumer Finance: - ANSWER Protects consumers by licensing and
regulating non-depository financial service industries and individuals
,Division of Securities: - ANSWER Protects the investing public from unlawful
securities activities
Bureau of Financial Investigations - ANSWER Conducts financial investigations
into suspected fraudulent and unlicensed activity
Commissioner - ANSWER The Financial Services Commission appoints a
Commissioner to lead the OFR. The OFR regulates, and exercises control, over
non-depository financial service industries and individuals
Commissioner's duties: - ANSWER Require compliance with Florida state laws
Issue mortgage lending licenses
Approving licenses and continuing education courses for mortgage lenders
Monitor licensee behavior
Issue and serve subpoenas and subpoenas duces tecum (subpoena to produce
evidence)
Conduct investigations into possible violations
Principle Loan Originator - ANSWER A licensed loan originator in charge of or
responsible for the operation of a mortgage lender or mortgage broker, including
their loan originators and branch managers.
Principal Broker - ANSWER A licensee in charge of the operation of the
principal place of business and other branch offices of a broker business
,Contract Loan Processor - ANSWER An individual who is an independent
contractor for a mortgage broker or lender, is licensed as a loan originator, and
only engages in loan processing.
Institutional Investor - ANSWER A depository institution, real estate investment
trust, insurance company, Real Estate Company, a licensed mortgage broker or
lender business, or other entity that invest in mortgage loans (i.e. Fannie Mae,
Freddie Mac, Ginnie Mae)
Ultimate Equitable Owner - ANSWER A natural person who owns or controls an
more than 10% ownership interest in business
Loan modification - ANSWER Modifying the existing terms of a mortgage loan.
The term does not include a refinancing transaction.
Material Change - ANSWER A change that would be important to the borrower
as far as their decision making.
Change in the interest rate previously offered
Change in the type of loan offered
Change in fees to be charged, resulting in total fee change greater than $100
Persons Required to be Licensed - ANSWER Mortgage Loan Originator
(including independent contractors)
Mortgage Broker
Mortgage Broker Branch Office
Mortgage Lender
Mortgage Lender Branch Office
, Mortgage Lender Servicer
Mortgage Lender Servicer Branch Office
MU1 - ANSWER Uniform Mortgage Lender/Mortgage Broker Form
MU2 - ANSWER Uniform Mortgage Biographical Statement & Consent Form,
(information on each control person)
MU3 - ANSWER Uniform Mortgage Branch Office Form
MU4 - ANSWER Uniform Individual Mortgage License/Registration & Consent
Form
1 Become a broker / lender
2 Who's running the shop?
3 Let's open more locations
4 Who's working for you?
Mortgage lender or mortgage lender servicer: - ANSWER $500 Florida
application fee plus $100 guaranty fund fee
Mortgage broker - ANSWER $425 Florida application fee plus $100 guaranty
fund fee
All branch offices - ANSWER $225 Florida application fee
AND CORECT DETAILED ANSWERS
(VERIFIED ANSWERS) | SCORED A+ | NEW
UPDATE 2025
Office of Financial Regulation (OFR) - The Office. - ANSWER Regulatory
authority in Florida. Responsible for overseeing banks, credit unions, savings
associations, etc. Licenses and regulates non-depository finance entities.
Financial Services Commission (The Commission) - ANSWER The head of the
Office of Financial Regulation and the Office of Insurance Regulation. Its members
include the Governor, Attorney General, Chief Financial Officer and Commissioner
of Agriculture Commission. responsible for final approval and adoption of rules
developed by each Office.
OFR
3 Divisions
Bureau - ANSWER Since the Office of Financial Regulation regulates the
banking, finance and securities industries in Florida, our main area of focus will
remain within this regulatory entity. The OFR contains 3 Divisions and 1 Bureau:
Division of Financial Institutions: - ANSWER Oversees state-chartered
commercial banks, credit unions, savings associations, savings banks, credit card
banks and non-deposit trust companies
Division of Consumer Finance: - ANSWER Protects consumers by licensing and
regulating non-depository financial service industries and individuals
,Division of Securities: - ANSWER Protects the investing public from unlawful
securities activities
Bureau of Financial Investigations - ANSWER Conducts financial investigations
into suspected fraudulent and unlicensed activity
Commissioner - ANSWER The Financial Services Commission appoints a
Commissioner to lead the OFR. The OFR regulates, and exercises control, over
non-depository financial service industries and individuals
Commissioner's duties: - ANSWER Require compliance with Florida state laws
Issue mortgage lending licenses
Approving licenses and continuing education courses for mortgage lenders
Monitor licensee behavior
Issue and serve subpoenas and subpoenas duces tecum (subpoena to produce
evidence)
Conduct investigations into possible violations
Principle Loan Originator - ANSWER A licensed loan originator in charge of or
responsible for the operation of a mortgage lender or mortgage broker, including
their loan originators and branch managers.
Principal Broker - ANSWER A licensee in charge of the operation of the
principal place of business and other branch offices of a broker business
,Contract Loan Processor - ANSWER An individual who is an independent
contractor for a mortgage broker or lender, is licensed as a loan originator, and
only engages in loan processing.
Institutional Investor - ANSWER A depository institution, real estate investment
trust, insurance company, Real Estate Company, a licensed mortgage broker or
lender business, or other entity that invest in mortgage loans (i.e. Fannie Mae,
Freddie Mac, Ginnie Mae)
Ultimate Equitable Owner - ANSWER A natural person who owns or controls an
more than 10% ownership interest in business
Loan modification - ANSWER Modifying the existing terms of a mortgage loan.
The term does not include a refinancing transaction.
Material Change - ANSWER A change that would be important to the borrower
as far as their decision making.
Change in the interest rate previously offered
Change in the type of loan offered
Change in fees to be charged, resulting in total fee change greater than $100
Persons Required to be Licensed - ANSWER Mortgage Loan Originator
(including independent contractors)
Mortgage Broker
Mortgage Broker Branch Office
Mortgage Lender
Mortgage Lender Branch Office
, Mortgage Lender Servicer
Mortgage Lender Servicer Branch Office
MU1 - ANSWER Uniform Mortgage Lender/Mortgage Broker Form
MU2 - ANSWER Uniform Mortgage Biographical Statement & Consent Form,
(information on each control person)
MU3 - ANSWER Uniform Mortgage Branch Office Form
MU4 - ANSWER Uniform Individual Mortgage License/Registration & Consent
Form
1 Become a broker / lender
2 Who's running the shop?
3 Let's open more locations
4 Who's working for you?
Mortgage lender or mortgage lender servicer: - ANSWER $500 Florida
application fee plus $100 guaranty fund fee
Mortgage broker - ANSWER $425 Florida application fee plus $100 guaranty
fund fee
All branch offices - ANSWER $225 Florida application fee
