On October 1, 2010, Florida joins the rest of the nation in transitioning to the Nationwide Mortgage Licensing System (NMLS). To prepare for the transition, the Office of Financial Regulation will stop accepting new applications for mortgage lenders, mortgage brokers, correspondent mortgage lenders, and mortgage broker businesses on July 8, 2010.
If you want to originate in Florida, you must submit your application now. If you don't submit your application by July 8, 2010, you will have to wait until Florida opens up to the NMLS on October 1, 2010. All existing licensees will be transitioning their current licenses and essentially reapplying because they will be subject to the new rules under the SAFE Act. And your new application (which will be required to be submitted through the NMLS) will get caught up in the crush of existing licensees who are transitioning. The current wait time of approximately 122 days will balloon after October 1, 2010.
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