Does the “principal loan originator” have to sign the mortgage brokerage contract within 3 business days of application if it has been signed by the originating loan originator?

 

Effective 10/1/2010, the principal loan originator or branch manager must sign the agreement per Section 494.0038(1), F.S., which states “A loan origination fee may not be paid except pursuant to a written mortgage broker agreement between the mortgage broker and the borrower which is signed and dated by the principal loan originator or branch manager, and the borrower.”