Florida Mortgage License Questions with Complete Solutions (Latest 2025) What law prohibits a lender from requiring mortgage insurance through any agent or company? - Correct Answers ✅Anti - coercion law Who supervises all activities of the OFR? - Correct Answers ✅The director What are examples of prohibited practices under Chapter 494? - Correct Answers ✅Mostly fraud related activities Who can a fee or commission related to a mortgage loan transaction be paid to under chapter 393? - Correct Answers ✅Mortgage broker Mortgage lender A person exempt from licensure under the law.What disclosures need to be provided to the borrower in the case of a conflict of interest? - Correct Answers ✅The nature of the relationship, ownership, or financial interests.The estimated charge.The financial benefit.That alternative sources may be chosen by the borrower.The licensee or their relative owns or controls 10% or more of any class of equity securities in person prov. services 1 / 4
Florida Mortgage License Questions with Complete Solutions (Latest 2025) In what cases would a licensee have a conflict of interest? - Correct Answers ✅additional products or services are provided by the licensee or licensee's family member.1% is the key figure of ownership.How are files for each mortgage transaction to be maintained by mortgage brokers? - Correct Answers ✅in a central location and in an alphabetical or numerical sequence.What must each mortgage brokerage file contain? - Correct Answers ✅mortgage broker agreement copy of signed closing statement or documentation of denial or cancellation GFE If the mortgage broker issues a written commitment for the loan on behalf of the lender, what must be maintained in the file? - Correct Answers ✅A copy of the written commitment issued by the mortgage broker, AND a copy of the written commitment provided by the lender.What must the journal of mortgage brokerage transactions include? - Correct Answers ✅Name of applicant Date of application Disposition of the mortgage loan application 2 / 4
Florida Mortgage License Questions with Complete Solutions (Latest 2025) Name of lender, if applicable What must mortgage lender files include? (not brokers) - Correct Answers ✅A copy of the GFE Original 1003 Copy of the closing statement or documentation demonstrating that the application was cancelled or denied.Copy of a lock-in agreement Copy of a written commitment Copy of written disclosures of a conflict of interest.Within how many days must a mortgage assignment be recorded? - Correct Answers ✅As soon as practical, but no later than 30 business days after the date of closing.If a title insurance policy is issued, what must it include? - Correct Answers ✅It must insure the non-institutional investor against the "unmarketability" of the mortgage interest in the property.It must specify any superior liens that exist against the property. 3 / 4
Florida Mortgage License Questions with Complete Solutions (Latest 2025) What are the maximum fees for mortgage loans. - Correct Answers ✅Loans of of $1000 or less = $250 Loans between $1K and $2K = $250 for the first $1k and $10 for each additional $100.Loans between $2K and $5K = $350 for first $2K plus $10 for each additional $100 Loans greater than $5K = $250 plus 10% of the entire mortgage loan.What is the maximum commission for a loan? - Correct Answers ✅Loans of $5760 and over, divide the gross proceeds by 11 and add $227.27 It is a violation of the law for any person to advertise that an applicant will have unqualified access to credit without disclosing what material limitations on the availability of credit exist.What do this limitations include? (but not limited to) - Correct Answers ✅The percentage of downpayment required That a higher rate or points could be required That restrictions as to the maximum principal amount of the loan offered could apply.
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