Florida OFR Audits
Need an audit done for your Florida OFR license?
Florida mortgage lenders and money transmitters licensed by the Office of Financial Regulation must file an annual audit by an independent CPA, and the OFR relies on it to confirm your net worth and keep your license in good standing. If you need a CPA who knows these requirements and can deliver a clean report well before the 120-day deadline, you are in the right place.
You are in the right place!
How can we help?
We are CPA auditors who specialize in financial statement audits for companies licensed by the Florida Office of Financial Regulation. Our OFR clients include mortgage lenders licensed under Chapter 494, Florida Statutes, and money services businesses such as money transmitters and payment instrument sellers licensed under Chapter 560.
Whether you are applying for a new OFR license, filing your annual audit to keep an existing license active, or trying to document net worth after a tough year, we know what the OFR expects to see and how to deliver a report that clears review without back and forth.
Florida is strict on both timing and net worth. Mortgage lenders must obtain an annual audit as of their fiscal year end and submit it within 120 days, and the audit must show a net worth of at least $63,000, or $250,000 with a servicing endorsement. Money transmitters and payment instrument sellers must file annual audited financial statements within 120 days of year end and maintain a net worth of at least $100,000, plus $10,000 per additional Florida location, up to $2 million. A tax return or internally prepared financials will not satisfy either requirement.
We’ll help you accomplish the following:
- Audited financial statements for your Florida OFR mortgage lender license application or annual filing
- Audited financial statements for your Chapter 560 money transmitter or payment instrument seller license
- Net worth presented clearly, in line with the minimums the OFR applies to your license type
- Reports delivered ahead of the 120-day deadline so you avoid late filings and penalties
- Coordination with your accounting team so the audit fits around your operations
How it works?
Our Florida OFR audit approach is built around the specific rules for Chapter 494 and Chapter 560 licensees, so we move faster than firms that treat every engagement the same way. Here’s how it works:
- Understanding your license and structure – We confirm your license type, fiscal year end, and whether a parent company audit applies, then identify exactly what the OFR needs from your report.
- Planning and document gathering – We collect the records needed to start fieldwork and build the timeline backward from your 120-day filing deadline.
- Fieldwork and testing – We test cash, loans held for sale, customer funds, payables, and the components of net worth, making sure everything lines up with what OFR examiners expect.
- Reporting – Once fieldwork is complete, we issue the audit report ready for you to submit to the OFR with your application or annual filing.
Most engagements are completed in 4 to 6 weeks. Everything is handled digitally, so it doesn’t matter if your business is in Miami, Tampa, Orlando, Jacksonville, or anywhere else in Florida.
If you are a Florida mortgage lender or money services business that needs a financial statement audit for the OFR, please contact us.
About Metwally CPA PLLC
Metwally CPA PLLC is a CPA firm founded by Mohamed Metwally, CPA, CMA, EA. We specialize in audit and assurance services for small and mid-sized businesses in Texas, Florida, and beyond, including mortgage lenders, regulated lenders, franchisors, nonprofits, PEOs, and career schools regulated by state agencies.
Mohamed holds active CPA licenses in Texas and California, an M.S. in Accounting from the University of Dallas, and has extensive assurance experience across a wide range of regulated industries. He is a member of the American Institute of Certified Public Accountants and the Texas Society of Certified Public Accountants, and serves on TSCPA Practice Issues, Diversity and Inclusion, and Governmental Accounting and Single Audits Conference committees.
We have completed over 100 audit engagements, and every one is delivered digitally, at a fixed rate, with responsiveness measured in hours rather than days.
FREQUENTLY ASKED QUESTIONS
As a Florida mortgage lender, money transmitter, or payment instrument seller, you are required to file audited financial statements with the Office of Financial Regulation every year to keep your license in good standing. Below are the most common questions we get about Florida OFR audit requirements:
A Florida OFR audit is an independent audit of your company’s financial statements by a licensed CPA, prepared under U.S. GAAP. The OFR uses it to confirm you meet the net worth requirement for your license and are financially sound enough to serve Florida consumers.
Mortgage lenders licensed under Chapter 494 must submit an audit with their application and every year after. Money transmitters and payment instrument sellers licensed under Part II of Chapter 560 must also include an audit with their application and file one every year.
For both mortgage lenders and money transmitters, the audit is due within 120 days after your fiscal year end. For a December 31 year end, that means the report must reach the OFR by April 30 (April 29 in a leap year).
Mortgage lenders need at least $63,000, or $250,000 if they hold a servicing endorsement. Money transmitters and payment instrument sellers need $100,000, plus $10,000 for each additional Florida location, up to $2 million. The net worth must be maintained continuously, not just on the audit date.
The lender must report the shortfall to the OFR within 2 days and immediately stop taking new mortgage loan applications and generally has 60 days to fix the shortfall, or 120 days if it tells the OFR before an examination. If it isn’t cured in time, the license is treated as relinquished. We help you understand your position early so there are no surprises.
Yes, if your company is a wholly owned subsidiary. Both mortgage lenders and money transmitters can submit the parent corporation’s audit report. Money transmitters must still maintain the required net worth at the licensee level.
No. The OFR requires audited financial statements prepared by an independent CPA. Reviews, compilations, tax returns, and internally prepared financials do not meet the requirement.
Most engagements are completed in 4 to 6 weeks from the signed engagement letter. We plan the schedule around your 120-day deadline so your filing goes in on time.
Cost depends on the size of your operation, your license type, and the condition of your records. Metwally CPA gives you a fixed-rate quote upfront, with no hourly billing and no surprises later.
Yes. We work with Florida-licensed lenders and money services businesses remotely, with every engagement handled digitally from planning to final report.
Please note that while this information provides a general understanding of Florida OFR audit requirements, it is recommended to consult with a financial professional or auditor for specific guidance related to individual situations. If you have any questions, please contact us.