Florida Mortage Servicer License - Net Worth Requirement

[Eric Guasch]

Hello All-

I am interested in applying for the Florida Mortgage Servicer License. According to statute 494.00721, the company must maintain a net worth requirement of $250k in order to originate and service the debt on the back-end. 

In order to justify the net worth of the company, do I need to have $250k parked in a non-interest bearing bank account year round, or if I have over $250k lent out, would that justify the financial standing of the company?

Any insight or direction would be greatly appreciated.

Thanks in advance

[Jay Hinrichs]

When i did mine for my mortgage banker license in Oregon they wanted a straight forward PFS  that shows net worth that exceeded or met the requirement .. i got the feeling you did not have forensic accounts looking at your information.. but I suspect also if you cook it and they catch you that would be no bueno