Mortgage Brokerage Business Licenses are to be renewed as of August 31, 2010 however due to the law change will this renewal be for a Mortgage Broker License?

 

Answer: The new law will extend the expiration date of active mortgage brokerage business licenses until December 31, 2010. Effective October 1, 2010, changes to Chapter 494, F.S, will result in redefined and reclassified license types. Consequently, mortgage brokerage business licenses cannot be renewed. Mortgage brokerage business licensees will have to apply for the new mortgage broker license (company license) between October 1, 2010 and December 31, 2010. If the company applies for the new mortgage broker license within the aforementioned dates then the existing mortgage brokerage business license will be valid until the Office renders a decision on the new mortgage broker license application.