Audited Financial Statements
Are the audited financial statements
of a mortgage lender required to be prepared by an
independent licensed Certified Public Accountant?
Yes,
Ref: 494.0063 Audited financial statements.--All audited
financial statements required by ss.
494.001-494.0077 must be prepared by an independent licensed
certified public accountant.
Are audited
financial statements required to be completed each year?
YES. As
stated in 69V-40.250(2) -- Each licensee identified
in subsection (1) above shall have completed, annually, the required audited
financial statement within 120 days of the fiscal year end date of said
licensee. All audited financial statements shall be maintained in the
licensee's principal place of business in this state and made available to
Office of Financial Regulation examiners upon request.
Must I
submit the financial statements to the office?
NO. As
stated in 69V-40.250(2) … All audited financial
statements shall be maintained in the licensee's principal place of business
in this state and made available to Office of Financial Regulation examiners
upon request.
May I use my
personal assets to obtain a lenders license?
No. The asset must be in the name of the entity which is applying
for the license and documented in the audited financial statements
required by Chapter 494.
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Branch Broker Designation Form
Does the office have a copy of the Branch Broker designation form
that can be downloaded from the website?
Yes. Click on this link:
http://www.flofr.com/Finance/Forms/branchbroker.pdf
Do I send a copy of the Branch Broker designation form to the
Office?
Yes. A copy is sent to notify the Office when you have a
change of branch broker as required by rule
69V-40.165.
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Continuing Education
Does the office have a list of accredited schools to teach
continuing education?
Yes,
Click on this link:
http://www.flofr.com/Finance/MortgageSchools-CE.asp
For additional questions concerning Continuing Education schools
click on link below.
http://www.flofr.com/Finance/mbschoolfaq.htm
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Escrow Accounts
Is the mortgage broker required by law to have an escrow account?
Ref: 494.0038(5)
Any
third-party fee entrusted to a mortgage brokerage business shall
immediately, upon receipt, be placed into a segregated account with
a financial institution located in the state the accounts of which
are insured by the Federal Government. Such funds shall be held in
trust for the payor and shall be kept in the account until
disbursement. Such funds may be placed in one account if adequate
accounting measures are taken to identify the source of the funds.
Is the escrow account required to be located in a bank physically
located in Florida?
If the bank has branches located in Florida the account is
considered to have meet the requirement in 494.0038(5).
Is the lender required by law to have an escrow account?
Ref: 494.0072(2)(e)
Failure to place immediately upon receipt, and maintain until
authorized to disburse, any money entrusted to him or her by a
person dealing with him or her as a lender in a segregated account
in a federally insured financial institution;
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Prohibited Names
When applying for a license pursuant to Chapter 494 Florida Statutes
are there any prohibited names that may not be used in the company’s
name?
Yes,
Click on this link:
http://www.flofr.com/Finance/prohibitednames.htm
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Quarterly Report Filings
Are we required to file a Quarterly Report each
quarter?
No. If you have filed your original report
and have no changes during the quarter (ie. No new hires or terminations)
you are not required to file a report each quarter.
See chapter 494.004(7) and 494.0067(9).
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24- Hour Pre
Licensing Schools
Does the office have a list of accredited mortgage business schools
authorized for the 24 hour pre-licensing course for mortgage brokers
and principal representatives?
Yes,
Click on this link:
http://www.flofr.com/Finance/MortgageSchools-24.asp
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How do I?
Change my business, mailing, or home address?
Click
the link below to update your address. Please be sure to print the
confirmation page as evidence of notification of address change.
NOTE: You will not be issued a new license for an
address change.
Click here for Mortgage Broker Individual:
https://real.flofr.com
Click here to update Business and Branch address:
https://real.flofr.com
Change
my business name on my license?
If you wish to change the entity name only, you must first submit
the name change to the Florida Secretary of State. Once the name
change has been duly registered with the Florida Secretary of State,
submit a copy of that proof of name change along with a copy of your
current license to our Office. We will update your file and you will
receive a letter to attach to your current license as evidence of
this name change. Note: A change in entity, or change in
ownership of 50% or more requires that a new application be filed.
Link to
Division of Corporations:
http://www.sunbiz.org/index.html
Change
or add a fictitious name or D/B/A?
In order to add or change a fictitious name or d/b/a you must first
register the fictitious name with the Florida Secretary of State,
(see link below). Next, submit a copy of your current license along
with proof of registration of the fictitious name for the DBA you
wish to add, to: Office of Financial Regulation, Bureau of
Regulatory Review, 200 E. Gaines Street, Tallahassee, FL 32399-0375
or Fax (850) 410-9882. We will update your file and you will receive
a letter to attach to your current license as evidence of this
change or addition of a fictitious name.
The following guidelines from the Secretary of State show the
intent of the Fictitious Name Registration Act.
The intent is for public notice of ownership. By appearance of an
individual’s full name in the title, and that person is the only
owner, the intent of the Act is satisfied and no registration of a
fictitious name would be required. Just the first name or just the
last name does not satisfy the intent of the Act.
Link to
Division of Corporations:
http://www.sunbiz.org/index.html
Update the division regarding the closing of my business/branch
office:
Send the
original license/office permit, and a letter stating where the
records will be kept, for the next three (3) years as required by
rule 69V-40.170(4),
to the Office of
Financial Regulation, 200 E. Gaines Street, Tallahassee, FL
32399-0375.
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Mortgage Brokerage and Lending Transaction
Journal
Does
the office have a copy of the Mortgage Brokerage and Lending
Transaction Journal (OFR-MX-888) that can be downloaded from the
website?
Yes,
Click on this link:
http://www.flofr.com/Finance/Forms/transjournal.pdf
Do I need to send in a copy of the Mortgage Brokerage and Lending
Transaction Journal to the Office annually?
NO.
This form should be maintained in your office for review by this
Office for examination and/or complaint purposes.
May the
Mortgage Brokerage and Lending Transaction Journal form be maintained
electronically?
YES.
The journal shall be maintained in a format, which is substantially
similar to Form OFR-MX-888 as required in Rule 69V-40.177.
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Mortgage Brokerage Deposit Account Form
Does the office have a copy of the Mortgage Brokerage Deposit
Account Form (OFR-MX-999) that can be downloaded from the website?
Yes,
Click on this link:
http://www.flofr.com/Finance/Forms/mbdepositacctform.pdf
Do I need
to send in a copy of the Mortgage Brokerage Deposit Account Form to the
Office annually?
NO.
You maintain this form in your office for review by this Office for
examination and/or complaint purposes.
May the Mortgage Brokerage Deposit Account Form (OFR-MX-999) be
maintained electronically?
YES.
The form shall be maintained in a format, which is substantially
similar to Form OFR-MX-999 as required by rule 69V-40.156.
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Principal Broker Designation Form
Does the office have a copy of the Principal Broker designation form
that can be downloaded from the website?
Yes.
Click on this link:
http://www.flofr.com/Finance/Forms/prinbroker.pdf
Do I send a copy of the Principal Broker designation form to the
Office?
Yes. A copy is sent to notify the Office when you have a
change of principal broker as required by
Rule 69V-40.160.
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RESPA
If I have questions concerning
RESPA issues whom do I contact?
The link below has information for consumers and/or the mortgage
industry.
http://www.hud.gov/offices/hsg/sfh/res/respa_hm.cfm
Is there a specific link to
frequently asked questions for consumers on RESPA?
Click link:
http://www.hud.gov/offices/hsg/sfh/res/resconsu.cfm
The following link is to HUD’s information on settlement costs and
definitions.
http://www.hud.gov/offices/hsg/sfh/res/sfhrestc.cfm
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Miscellaneous
What is
the difference between a mortgage broker and a mortgage lender?
The
difference between a mortgage broker and a mortgage lender is that a
mortgage broker acts as a “middle-man”. For a fee, mortgage
brokers may “shop” your loan package to various lenders.
Mortgage lenders close the loan in their name, however a mortgage
lender may also act as a mortgage broker pursuant to ss 494.0073 F.S.
May I be
licensed as a mortgage broker and Real Estate agent and get fees
from both?
Chapter 494 does
not prohibit you from being both a licensed mortgage broker/loan
originator and a licensed real estate broker and receiving
appropriate fees as both. You should check with FREC
concerning any requirements they have.
What does having my rate "locked in" mean?
A
lock-in is an agreement whereby the lender guarantees for a
specified number of days or until a specified date the availability
of a specified rate of interest or specified formula by which the
rate of interest will be determined and/or specific number of
discount points, if the loan is approved and closed within the
stated period of time.
What
documentation is required to be included in a closed mortgage file.
(MBB & Lenders) Rule 69V-40.175 for MBB & 69V-40.260 for
lenders?
https://www.flrules.org/gateway/ChapterHome.asp?Chapter=69V-40
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