Advice on becoming Mortgage Broker in FL (AL, GA, TN)

[David A Lisowski]

TL:DR = experienced mortgage processor (not MLO) looking to start his own mortgage brokerage; need advice

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Hey all, I've searched and read several of the posts regarding this topic. There is definitely a lot of information, but I was hoping to connect with a few people for some advice on becoming a Mortgage Broker, and working on my own.

I have been a mortgage processor for the past 6 years, and worked in various-sized companies, from mortgage lenders to commercial to brokers. Currently, I do not have my MLO, and do not originate loans. I did have an NMLS number when I first began in the mortgage world, but haven't needed it the past few years so I have not renewed it.

Often times, I feel that the file work (even taking on addtional workload and tasks) would definitely be worth my time if I was compensated on commission rather than a flat-rate per file. I understand there is so much more than file work when being a broker: leads, networking, lenders, etc. I know that going on my own increases the workload and the pressure. It definitely will be more demanding than working a limited position in an office (certainly to start).

What I really want to find is someone who might be able to offer some advice or even work to help my transition from "processor for someone else" to "Mortgage Broker for myself."

I should have an option where I am currently working to obtain my MLO/Broker License and work as a loan officer. I know that, as a processor, I would have to file paperwork stating whether I do or do not originate loans. I haven't necessarily brought this up with my employer, but I also don't want to get ahead of myself (i.e. take the MLO/Broker License test and then cause issue with my current position).

Ultimately, the plan would be to get my MLO/Broker License, and operate my own mortgage brokerage. I'm not trying to get bogged down on every detail, but perhaps someone with some experience can help clarify the following requirement for the Principal Loan Originator:

https://mortgage.nationwidelicensingsystem.org/slr/PublishedStateDocuments/FL-Mtg-Broker-New-App-Checklist.pdf

"The Principal LoanOriginator must also demonstrate to the satisfaction of the Office of Financial Regulation that he or she has been actively engaged in a mortgage broker related business for at least one year before being designated as a Principal Loan Originator. Individual licensure with the Office of Financial Regulation for one year will satisfy the experience requirement."

So I will need to be an active Loan Originator/Broker for 1 year before I can form my own brokerage/LLC? Or does any experience count? If I need to get my license and wait a year to form my own brokerage/LLC, then I am willing to do that.

I have estimated the expenses to be between $800 and $1,000 for the licensing, the education course, and exam(s) [might do FL, AL, GA and/or TN for license]. I have a few lenders to get started.

I understand there is probably a lot that I might be overlooking, but there might be some major blind-spots or potential landmines that I am overlooking. For example, I just read about needing a surety bond, but I'm not sure FL requires one (AL is $25,000; GA is $150,000; TN is $90,000). That might have been a big pitfall in starting this business.

So based on that, I thought I should seek some advice, assistance, etc. Just to get my head around the startup process and the actual efforts it will take.

PS - My wife recently transitioned from being a nurse to being a Realtor. The timing of my business plan will be tied to her success as she starts her new venture (i.e. we can't both jump into new S/E careers at the same time).

PSS - sorry for the previous post violating the rules; hopefully, this one is better!