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Division of Finance
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Chapter 494 - Continuing Education for Mortgage Brokers
& Lenders
(revised March 2007)
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Frequently Asked Questions Index
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Is Continuing
Education required before I can renew my Mortgage
Broker license for the period September 2007 through
August 2009.
YES. However, Rule 69V-40.0271(9), F.A.C.
provides for one exception.
Requirement: At the time of renewal, you will be
required to certify that you have taken at least
14 hours of professional mortgage training from
an accredited Mortgage Business School within the
past two (2) years. If you completed the 24-hour
licensing course within the past two years, you
have met that requirement.
Exception: Rule 69V-40.0271(9) states:
"The continuing education requirements are waived
for the license renewal of the mortgage broker,
for the biennial license period in which the individual
became licensed as a mortgage broker."
Do I submit my certificate
to the Office of Financial Regulation?
NO.
DO NOT send your certificate of continuing education
to the Office. You will be required to certify at
the time of renewal that you have satisfied the
continuing education requirement. In accordance
with Rule 69V-40.043(5), F.A.C., a mortgage broker
is responsible for maintaining copies of the certificate
of completion for all continuing education courses
completed and supply them to the Office upon request.
Chapter 494.00295(1), F.S., requires that licensees
maintain records documenting compliance with this
requirement for a period of four (4) years.
My
mortgage broker license is currently INACTIVE as
I did not renew in August 2007. Is Continuing Education
required before I can reactivate my inactive individual
Mortgage Broker license for the period 2007-2009?
YES. You will need to obtain a reactivation
form from the Office upon which you will be required
to certify that you have satisfied the continuing
education requirement. Completion of this process
will only reactivate your license through August
31, 2009.
Is Continuing
Education required before we can renew our current
Mortgage Brokerage Business or Lender licenses for
the 2006-2008 period?
YES. Lenders must certify that their Principal
Representatives as well as their associates and
loan originators, have completed the required training
at the time of their renewal in August, 2008.
NO. Mortgage Brokerage Businesses are not
required to certify continuing education requirements
for their associates as each of them are required
to do so when they renew their individual mortgage
broker license.
When
are Principal Representatives, Loan Originators
and Associates of licensed Lenders required to complete
their 14 hours of continuing education?
Prior to submission of the lender's renewal form
which is due by August 31, 2008
At the time of the lender's renewal, the licensee
must certify that their principal representative
and all loan originators and associates have had
at least 14 hours of professional continuing education
from an accredited Mortgage Business School within
the past 2 years. These loan originators and associates
are the same persons that will be reported on licensee's
quarterly report when due.
NOTICE --- Mortgage Brokers who are Lender Associates,
Principal Representatives or Loan Originators. If you
are a licensed Mortgage Broker who works as an independent
contractor with a lender, you are an Associate of a
Lender. Associates of a Lender must demonstrate completion
of 14 hours of professional continuing education at
an accredited Mortgage Business School at the time the
Associate renews his or her individual Mortgage Broker
license. A licensed Lender must also certify that Principal
Representatives, Loan Originators, and Associates have
satisfied 14 hours of professional continuing education
at an accredited Mortgage Business School within 2 years
of the date of its renewal. (This does not apply to
associates of Mortgage Brokerage Businesses.)
Click
Continuing Education
to obtain a list of the schools.
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