Here’s some news for Florida mortgage licensees. The Florida Office of Financial Regulation (OFR) announced it is going to allow licensed mortgage people who file an application for a new license in NMLS by December 31 to complete their applications by March 31, 2011.
All applications have to be filed in the NMLS by December 31, but individuals and businesses can continue to work beyond December 31, if they hold an active license and as long as they finish the application requirements by March 31, 2011.
If an individual or company has NOT initiated a new application in NMLS by December 31, 2010, their license to conduct business in Florida will expire.
If an existing licensee files an application by December 31, 2010, but doesn’t complete their requirements by March 31, 2011, their existing licenses will expire as of March 31, 2011, and they will have to discontinue mortgage loan origination activity.
Of course LOs are advised to get everything done prior to the March 31 deadline, to avoid losing their license and being unable to work as of April 1.
OFR Commissioner, Tom Cardwell, stressed that LOs still need to get their applications in by December 31 in order to get the extended deadline. Read the full OFR Press Release.