TALLAHASSEE, Fla. –It was announced on June 9, 2010 that on July 8, 2010, the Florida Office of Financial Regulation (OFR) will stop accepting applications for mortgage broker, mortgage brokerage business, mortgage lender and correspondent mortgage lender licenses, so that current applications can be processed before October 1. Beginning October 1, 2010, the State of Florida will begin participation in the Nationwide Mortgage Licensing System, and all existing loan originators, brokers and lenders and mortgage business owners will be required to reapply for licensure. December 31, 2010, is the last day to apply for licensure.
“We encourage applicants to apply now so that they have a better chance of being approved before October 1. If unlicensed by this date, individuals will not be able to work in the industry until the new application is approved,” said Tom Cardwell, Commissioner of the Florida Office of Financial Regulation. “Applicants should submit information that is complete, correct and containing full-disclosure to minimize delays to processing their application.”
The new licensing process includes having state and federal criminal backgrounds checked and a credit report pulled. For the first time, the Office will be able to evaluate credit reports, giving regulators a larger set of criteria to determine that a person can demonstrate character, general fitness and financial responsibility before granting a license. The Office will look at items on the credit report such as bankruptcies, outstanding tax liens or other governmental liens, outstanding judgments, foreclosures and charged off accounts.
Over the last two years, OFR has developed and implemented tougher licensing requirements for the mortgage industry to better protect Florida’s consumers. As authorized by federal and state law, the Office will now raise the bar even higher for anyone wanting to stay or enter the mortgage industry.
Additionally, all licensees will now be required to renew their licenses on a yearly basis to include resubmitting to state and federal criminal backgrounds checks and a credit report. The Office will not renew a license if the applicant does not continue to meet the same standards required at initial licensure. Prior to this, mortgage brokers, businesses and lenders were only required to submit to a state criminal background check during initial licensure and were allowed to renew every two years without a subsequent background check.
This article was obtained from the Florida Office of Financial Regulation’s website.
Whether you are mortgage broker, appraiser, doctor, lawyer, CPA, realtor, architect, engineer, stockbroker, nurse, auctioneer, contractor, or pharmacist, a professional license is a prerequisite for doing business in the State of Florida. We assist in the application process and help you understand and comply with all applicable government regulations associated with your license. We also defend you against attacks on your professional license and represent you before the appropriate administrative board. For more information regarding professional licensing law contact Soreide Law Group at: www.floridaprofessionallicense.com or call (888) 760-6552.