Mortgage License
Applicants: Don’t Get Caught in the Rush!
Opinion-Editorial
By Tom Cardwell, Commissioner, Florida
Office of Financial Regulation
Let’s admit it! We
all do it; procrastinate and leave things to the very last minute.
But this is one time you can’t afford to wait to the last minute.
On July 8, 2010, the
Office of Financial Regulation will stop accepting applications for
certain mortgage license types due to changes in federal and state
laws. Although we will continue to process applications filed by
July 8, we can’t guarantee that applications will get processed
before October 1. Applications which are filed immediately, are
complete, correct and contain full disclosure have the best chance
of being timely processed. If your application has not been approved
by October 1 of this year, we won’t be able to approve it because
we’ll no longer have the authority to issue these licenses. Bottom
line: you need to have a license by October 1 to keep working when
the new application process starts.
On October 1, 2010,
Florida will begin participation in the Nationwide Mortgage
Licensing System. All licensed mortgage brokers, mortgage
brokerage businesses and lenders must reapply for licensure under
the new requirements. This includes anyone granted a license prior
to October 1. Although the reapplication period runs from October 1
through December 31, we encourage you to file early. Based on
current numbers, more than 39,000 mortgage brokers and 7,000
businesses and lenders could be reapplying for licensure. Due to the
sheer volume of expected licensees, applications will take longer to
process than the average two to four months. It could take up to
twelve months if filed incomplete, incorrect or lacking full
disclosure. However, if you have a
pre-existing license, approved prior to the October 1 deadline, you
can continue working while your new license is being processed.
Starting in 2011, all licenses must be renewed annually by
December 31.
Don’t procrastinate and get caught in a
hurry-up-and-wait scenario! Or worse, get caught in a situation
where you can’t do business.
More information on the new mortgage licensing
requirements, process and fees is available on our website at
http://www.flofr.com/Finance/index.htm or call the Office’s
Licensing Department at 850-410-9805.
New
Mortgage Industry Licensing Requirements - BACKGROUNDER, June 9,
2010
New
Mortgage License Requirements - FACT SHEET, June 9, 2010
Press
Release - OFR Shuts Down Mortgage Industry Licensing Application
System on July 8
