Florida to Temporarily Stop Taking Mortgage License Applications on July 8, 2010

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.

Florida Has Gone Paperless

If you have a current Florida mortgage lender, correspondent lender, mortgage broker business, or mortgage broker license, you should have received a letter from the Florida Office of Financial Regulation letting you know that you must start using their new online system called REAL. The letter gave you an authorization code to create an account for you to input your license information. If you did not receive your authorization code letter, you must call the Office of Financial Regulation.

From now on, all license applications, scheduling of the broker or principal representative exam, license renewals, filing of quarterly reports and all other functions associated with your license must be done through their online system.

The new system removes all paper filings, including a paper license. If an investor requires proof that you have a valid Florida license, you will have to print out your information from the database.