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Florida Office of Financial Regulation Raises Concern Over Licensing Expiration

NationalMortgageProfessional.com
Dec 09, 2010

With less than a month left and just over 10,000 of the almost 43,000 mortgage industry professionals having submitted their new applications, the Florida Office of Financial Regulation (OFR) is concerned that mortgage professionals will not get their applications in on time and will not be able to continue working in the industry come Jan. 1, 2011. All industry licensees are required to re-apply under the new Nationwide Mortgage Licensing System (NMLS) with more stringent requirements. Professionals whose applications are certified as received by Dec. 31, 2010, can continue to work while their application is processed. If a person’s application is not certified as received by Dec. 31, 2010, they will find themselves unable to legally continue working in the mortgage industry and out of work until the new license is approved, which could take more than three months. Current number of licensed mortgage brokers: 42,666 Loan originator applications received as of Dec. 1, 2010: 10,308 Current number of licensed mortgage companies: 6,967 New company applications received as of Dec. 1, 2010: 995 Current number of licensed mortgage company branches: 3116 New branch applications received as of Dec. 1, 2010: 727 On Oct. 1, 2010, Florida began accepting applications under the NMLS, and all existing individuals, companies and branch offices are now be required to reapply for licensure. But before an application can be certified received a series of requirements must be met and verified, including: ►New state and federal criminal background check ►Satisfaction of pre-license education (includes certification if eligible) ►At least one attempt at the state and national test (includes certification of state test if eligible) ►Credit report “We have rigorously been reaching out through industry organizations and their communications vehicles, trying to drill down the message and encouraging applicants to apply now so that they can continue to work while their application is being processed,” said Tom Cardwell, Commissioner of the Florida Office of Financial Regulation. “The longer you wait the more risk you take, and the last thing we want to see is Floridians who are unable to legally continue working in the mortgage industry just because they didn’t get their applications in on time.” For more information, visit www.flofr.com/Finance/index.htm.
Published
Dec 09, 2010
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