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.
Showing posts with label Florida mortgage broker. Show all posts
Showing posts with label Florida mortgage broker. Show all posts
Tuesday, June 22, 2010
Monday, April 14, 2008
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.
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.
Friday, March 2, 2007
Florida Mortgage Licenses
Many mortgage brokers and lenders on the East Coast find themselves with customers who ask them if they can do their loan for their condo or house in Florida. You can close that loan only if you are licensed in Florida.
Florida is a relatively easy state to get your license. For companies, they offer 3 levels of licensing – broker, correspondent lender, or mortgage lender. Each of the company licenses requires a principal to have taken 24 hours of classroom education and then to have passed a test. This requirement is not as onerous as it sounds. The classroom education is given by various approved schools in Florida. Many of my clients schedule the classroom work the weekend before the test and take the test the following Tuesday. The classroom work is geared totally towards the exam and so far all of my clients have passed the test on the first try. The principal must also have 1 year of mortgage broker experience.
If you don’t want to deal with minimum net worth requirements or surety bonds, you apply for a mortgage broker business license. The major restriction with the mortgage broker business license is that all of your loan officers must be licensed individual mortgage brokers.
If you need to get certified financial statements for another state anyway, go for the correspondent lender license. You get much higher income from your brokering. But you need to maintain a $10,000 surety bond and show the Florida Department of Financial Regulation that you have $25,000 minimum net worth and that is where the certified financial statement comes in. Mortgage lenders must maintain $250,000 net worth.
There is also a fingerprint requirement, but no in-state office required.
Florida is a relatively easy state to get your license. For companies, they offer 3 levels of licensing – broker, correspondent lender, or mortgage lender. Each of the company licenses requires a principal to have taken 24 hours of classroom education and then to have passed a test. This requirement is not as onerous as it sounds. The classroom education is given by various approved schools in Florida. Many of my clients schedule the classroom work the weekend before the test and take the test the following Tuesday. The classroom work is geared totally towards the exam and so far all of my clients have passed the test on the first try. The principal must also have 1 year of mortgage broker experience.
If you don’t want to deal with minimum net worth requirements or surety bonds, you apply for a mortgage broker business license. The major restriction with the mortgage broker business license is that all of your loan officers must be licensed individual mortgage brokers.
If you need to get certified financial statements for another state anyway, go for the correspondent lender license. You get much higher income from your brokering. But you need to maintain a $10,000 surety bond and show the Florida Department of Financial Regulation that you have $25,000 minimum net worth and that is where the certified financial statement comes in. Mortgage lenders must maintain $250,000 net worth.
There is also a fingerprint requirement, but no in-state office required.
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