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Loan Processors and Underwriters also need Mortgage Broker License
Does a loan processor or underwriter that is required to be licensed as a loan originator beginning October 1, 2010 need to apply for the current mortgage broker license before July 8, 2010?
Answer: Yes. An individual that holds a mortgage broker license on September 30, 2010 and applies for a loan originator license through the Nationwide Mortgage Licensing System between October 1, 2010 and December 31, 2010 can continue to work under the mortgage broker license while the Office of Financial Regulation processes the loan originator application. An individual that does not hold an active mortgage broker license on September 30, 2010 cannot conduct business on or after October 1, 2010 until the person holds an active loan originator license.
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Loan Processors and Underwriters required to be licensed as Loan Originators
Are loan processors and underwriters required to be licensed as a loan originator beginning October 1, 2010?
Answer: Yes. In order for an individual to perform these tasks relating to loan processing and underwriting, a loan originator license is required, beginning October 1, 2010: Receiving, collecting, distributing, and analyzing information common for the processing or underwriting of a residential mortgage loan, or Communicating with consumers to obtain the information necessary for the processing or underwriting of a loan, to the extent that such communication does not include offering or negotiating loan rates or does not include counseling residential mortgage loan rates or terms.
Also effective October 1, 2010, an individual wishing to engage solely in these processing or underwriting activities will be able to contract with more than one mortgage broker (company), mortgage lender, or both simultaneously, so long as they are licensed as loan originators and file a declaration of intent to engage solely in loan processing with the Office.
Statutory reference: Laws of Florida 2010-67, to be codified at Section 494.00331, Fla. Stat.
Source: Florida Office of Financial Regulation
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INDUSTRY NEWS
PROCRASTINATORS COULD BE LEFT WITHOUT A LICENSE TO DO BUSINESS
~ The Florida Office of Financial Regulation Announces
New Process for Mortgage Industry Licensing Beginning October 1, 2010~
TALLAHASSEE, Fla. (June 9, 2010) – 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, Florida will begin participation in the NationwideMortgage 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.”
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.
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.
Additionally, 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 Officewill 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.
More information on the new mortgage licensing requirements, process and fees is available on The Florida Office of Financial Regulation website. Additional questions can be answered through the Office’s Licensing Department at 850-410-9805.
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NEWS RELESE
MCT Real Estate School and Green Real Estate Education have signed an agreement for MCT Real Estate School to offer theirGCREP-GL course (a Level One Green Certified Real Estate Professional, with the Green Leadership Certification) throughout the state of Florida for real estate agents to learn about green building and how to help clients to understand the attributes of a green home. There are approximately 120 million homes in the United States and many of these homeowners would like to understand how they could build value for their real estate investment. ARELLO educational leaders reviewed the content of this program and it achieved the first course approved for their Education Content Certification Program- ECCP certification. This course offers an excellent overview green products and materials and what real estate professionals may see as clients begin to show interest in these new types of renovations. Students review material that will qualify a real estate professionals’ role as these new inquiries enter the marketplace. “At any time, this classroom course has been approved for continuing education credits in 17 states.” says Kerry Mitchell, President of Green Real Estate education. The company boasts their programs cannot be offered for over $100. This price point is low enough to attract students and is what has been attractive to schools and colleges. The real estate course will be offered in Dallas, Texas at Brookhaven Community College in June 2010. “We are pleased to have MCT Real Estate School join our provider family.” says Mitchell.
In all of Green Real Estate Education courses, the content defines green building, sustainable construction and sustainable design for the students. They list materials and discuss products that promote indoor/outdoor air quality for students to discuss with their clients. We feel real estate agents need to understand why “green” is important.” says Mitchell. Business and marketing efforts are taught to students and how to bran their profession in this new green economy.
Visit MCT Real Estate School at www.MCTRealEstateSchool.com, email us at education@mctgroup.us or call us at (407)236-0120 to find out how you can get your GCREP-GL certification.
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 Luxuious Ocean View 2 bedrooms, 2 bath condo. MCT listed this beautiful condominium in Daytona Beach Shores. Just 1 hour from Orlando, minutes from Daytona Speedway. Wake up to a beautiful sunrise from the master bedroom and see the sunset over the intracoastal from the front balcony.
Call for details 407-481-8530 or go to www.MCTrelaty.com
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MLS# O4833983. Beautiful 3 story Townhome For Sale near Orange County Convention Center. 3 bedrooms, 3 1/2 baths, 1 car garage. Close to theme parks (Disney, Sea World, Universal, Aquatica). Zoned for short term rental. Residential and Vacation Community.
We pay commission or referral fee . If NO other Real Estate Professional involved, Seller will help buyer with closing costs.
Please click on link below:
http://www.realtor.com/Prop/1096687536
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 Beautiful Lake Front residential Home. 4 bedrooms/3 baths, 2 car garage. Zoned for short term rental. Great location. 
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Now you can purchase books
by clicking on the
Bookstore icon below:
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Posted ( Carlos ThurdeKoos) in Real Estate on June-8-2009 |
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Helping make homeownership a reality for your clientsYou’re invited to an Affordable Housing Summit.Join us as we explore key topics and mortgage alternatives in today’s residential lending environment.Date:June 12, 2009 Time:9:00 a.m. –12:00 Noon (Continental breakfast provided)Location:Home Builders Association 544 Mayo Avenue Maitland, FL 32751Hear about industry trends from these experts:Buz Ausley –U.S. Department of Housing and Urban DevelopmentBob Coordsen -USDA Rural DevelopmentEdwin Vazquez-Diaz –Bank of America Home LoansMillie Plass –Bank of America Home LoansJean Wiles –Freddie MacMargo Woodard –Mortgage and Credit CenterLandsafe AppraisalsDiscover flexible solutions for homebuyers: Homebuyer education and counseling programs Home financing and the local economyLearn how mortgages from Bank of America may meet your clients’ needs:•FHA and VA loans—with flexible guidelines and a dedicated fulfillment team •Neighborhood Champions®Protected Mortgage®—especially for teachers, firefighters, police and medical professionals•Other home financing solutions, including refinance options Seating is limited. Please make your reservation today. Send your name, company/organization and phone number in an e-mail to: NL_Event_East@bankofamerica.com
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Posted ( Carlos ThurdeKoos) in Real Estate on May-3-2009 |
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CDC continues to take aggressive action to respond to an expanding outbreak caused by novel H1N1 flu.
CDC’s response goals are to:
- Reduce transmission and illness severity, and
- Provide information to help health care providers, public health officials and the public address the challenges posed by this emergency.
For more information, go to: http://www.cdc.gov/h1n1flu/
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Carlos ThurdeKoos, from Orlando, Florida, was named to the National Association of Realtor’s International Speaker Cadre. There are only approximately 60 approved speakers among 1.3 million Realtors. Congratulations to our Principal Director and Leader.
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