In 2009, the Florida Legislature passed Senate Bill 2226 to bring Florida mortgage professionals in compliance with mandates of the SAFE Act. The changes made effective in Chapter 494 do several things:
- Redefine and reclassify license types to be consistent with NMLS standards. For example, a mortgage broker license will become a mortgage loan originator license after 10/1/2010.
- Requires all licensed individuals, businesses and lenders to reapply for a new license between 10/1/2010 and 12/31/2010.
- New applicants will have to meet the minimum standards for NMLS licensing, including criminal background check, credit reporting, passing the SAFE Test and completing mortgage education. Current Florida education and testing requirements go away and the new NMLS requirements become effective.
- Licensees will need to renew their license annually by December 31. As part of the renewal process, loan originators have to meet standards set for initial licensure, meaning they have to pass a criminal background check and credit report each year. So…can’t get your license and then be naughty.
Read more about the 2010 Florida Regulations, including filing fees after October 1, classification of crimes that disqualify mortgage brokers. Mortgage license applicants are encouraged to act now and not wait till the last minute! Contact ProSchools for questions on the Florida transition plan to NMLS. Reach us at 800-452-4879.