Continuing education is required for licensed Mortgage Loan Originators. If you have the MLO license, then you must complete 8 hours of continuing education each year to maintain the license.
If you completed the pre license (PE) 20 hour course in 2011, then you are not required to complete continuing education this year for the 2012 renewal.
If you don't have a license and are not required to have a license, then you are not required to complete any continuing education.
If you work for an insured depository regulated by the OCC, OTS, FDIC, FRB, NCUA, or the Farm Credit Administration, then you are not required to complete any continuing education.
You must successfully complete the 8 hours of continuing education and renew your license through the NMLS by December 31, 2011. Florida does not provide for late renewal. If you miss the December 31 deadline, then you must start the licensing process all over again.
Per the SAFE Act of 2008, anyone whose job description includes mortgage loan originating must obtain a Mortgage Loan Originator (MLO) license issued by the state of Florida and must be registered through the Nationwide Mortgage Licensing System (NMLS). Per 494.001(14) F.S., the definition of a "Loan Originator" means
an individual who, directly or indirectly, solicits or offers to solicit a mortgage loan, accepts or offers to accept an application for a mortgage loan, negotiates or offers to negotiate the terms or conditions of a new or existing mortgage loan on behalf of a borrower or lender, or negotiates or offers to negotiate the sale of an existing mortgage loan to a noninstitutional investor for compensation or gain. The term includes an individual who is required to be licensed as a loan originator under the S.A.F.E. Mortgage Licensing Act of 2008. The term does not include an employee of a mortgage broker or mortgage lender whose duties are limited to physically handling a completed application form, or transmitting a completed application form to a lender on behalf of a prospective borrower.
No. Effective July 1, 2011, in-house loan processors are not required to obtain the Florida mortgage loan originator license.
See SB 1316 for more information.
S.A.F.E. states that underwriters who are independent contractors must be licensed as loan originators, while "supervised" underwriters (generally meaning W-2 employees) are not required to obtain loan originator licenses if they are supervised by a licensed loan originator. http://www.flofr.com/Finance/burfindsplay.aspx?ID=55
No. Simply having a licensed loan originator physically present is not sufficient to constitute supervision. Effective October 1, 2010, Sections 494.0035 and 494.00665, Florida Statutes, will require that each licensed mortgage broker (business) and mortgage lender designate a qualified and licensed principal loan originator. Each company's principal loan originator shall have full charge, control, and supervision of the company. Additionally, each branch office must also designate a qualified and licensed branch manager who shall also have full charge, control, and supervision of the branch office. http://www.flofr.com/Finance/burfindsplay.aspx?ID=56
The last sentence of the Florida definition of "loan originator" states: "The term [loan originator] does not include an employee of a mortgage broker or mortgage lender who performs only administrative or clerical tasks, including quoting available interest rates, physically handling a completed application form, or transmitting a completed form to a lender on behalf of a prospective borrower." Section 494.001(14), Fla. Stat.
Job titles or the fact that an individual does not communicate with borrowers as part of his or her job description does not, by itself, determine whether he or she is excluded from loan originator licensure. The Florida definition of "loan originator" lists compensation or gain as one factor, in addition to licensable activities such as soliciting, accepting, negotiating, and processing of mortgage loan applications, as well the offer to perform these activities. http://www.flofr.com/Finance/burfindsplay.aspx?ID=59
No. Section 494.00115(1)(a) exempts "any person operating exclusively as a registered loan originator in accordance with the S.A.F.E. Mortgage Licensing Act of 2008." A registered mortgage loan originator is a loan originator who is employed by a depository institution, by a subsidiary that is owned and controlled by a depository institution and regulated by a federal banking agency, or by an institution regulated by the Farm Credit Administration, and who is registered with and maintains a unique identifier through the registry. Section 494.001(28), Fla. Stat. and S.A.F.E. §1503(7). http://www.flofr.com/Finance/burfindsplay.aspx?ID=60
December 31, 2010
As long as an application has been filed, an extension to the expiration date will be given to those applicants and they can continue to work until their application is approved or denied. Expired and inactive licensees will not be granted an extension.
By NOVEMBER 30, 2010, apply for your mortgage loan originator license through the NMLS(MU4 filing), obtain your unique identifier number, pay the fees for licensing ($195) and the Mortgage Guaranty Trust Fund ($20), obtain fingerprints ($39), authorize and pay for a credit report request ($15), and pay $15.00 education certification fee when notified via NMLS
What I am getting "certified" and what will I be exempt from if I am "certified"?
You are getting your education certified that will exempt you from taking the 20 hour PE course (saving you time and money)
What will happen if I don't apply by November 30, 2010?
If you don't apply by November 30, 2010, then you will be required to take the 20 hour PE course and if you don't apply by December 31, 2010, then your current MB license will expire.
By NOVEMBER 30, 2010, apply for your mortgage loan originator license through the NMLS (MU4 filing), obtain your unique identifier number, pay the $195 fee for licensing and the $20 Mortgage Guaranty Trust Fund, obtain fingerprints ($39), authorize and pay a $15 credit report request, and pay $15.00 education certification fee and $5.00 test certification fee when notified via NMLS
What I am getting "certified" and what will I be exempt from if I am "certified"?
You are getting your education and testing certified that will exempt you from taking the 20 hour PE course and the state component test (saving you time and money
What will happen if I don't apply by November 30, 2010?
If you don't apply by November 30, 2010, then you will be required to take the 20 hour PE course and the state component test. If you don't apply by December 31, 2010, then your current MB license will expire.
NOTE: The online sample MU4 form has different requirements in that a notarization is required on page 1 of this sample form BUT it is not required. When you have established an account with the NMLS, the online application will look different and does not have a requirement for notarization.
Current licensees must reapply through NMLS by December 31, 2010. (November 30 to be "education or state test certified" – explained above)
Beginning in 2011 licenses must be renewed annually through NMLS by December 31.
Criminal background checks and credit reports will be checked annually.
You must grant the licensing authority permission to pull your credit. Bankruptcies, foreclosures, and outstanding bills could cost the applicant their license. Some red-flag criteria the state regulators are using include the following:
Personal bankruptcy within the previous year.
Business bankruptcy within the previous year, if the mortgage applicant was, for instance, an officer with the company.
Outstanding tax lien or other governmental lien.
Outstanding judgment based upon grounds of fraud, embezzlement, misrepresentation or deceit.
Open collection account or an account that is actively assigned to a collection agency.
Any account that has been "charged off" within the previous five years and remains unpaid.
Foreclosure on personally owned property within the past five years.
Candidates for a license will be permanently barred from doing mortgage business in this state if they have been found guilty of felonies that involve fraud or dishonesty; their mortgage career is on hold for 7 to 15 years for other felonies and they are barred for 5 years for misdemeanor convictions involving fraud, such as altering public documents. 494.0011(2)(c)1.a-d F.S.
According to the OFR - Current Class A Crimes Include the Following List of Felonies:
(Lifetime disqualification for an individual mortgage broker/loan originator license)
Any type of fraud, including Fraud, Postal fraud, Wire fraud, Securities fraud, Welfare fraud, Defrauding the government, Credit card fraud, Defrauding an Innkeeper and Passing worthless check(s) with intent to defraud
Perjury
Armed robbery
Robbery
Extortion
Bribery
Embezzlement
Grand theft
Larceny
Burglary
Breaking and entering
Identity theft
Any type of forgery or uttering a forged instrument
Misuse of public office
Racketeering
Buying, receiving, concealing, possessing or otherwise dealing in stolen property
Treason against the United States, or a state, district or territory thereof
Altering public documents
Witness tampering
Tax evasion
Impersonating or attempting to impersonate a law enforcement officer
All business licenses will expire on December 31, 2010 unless the licensee applies for a Mortgage Broker or Mortgage Lender license through the NMLS between October 1, 2010 and December 31, 2010. The expiration date of the applicant's existing business license will be extended until the application is either approved or denied.
All Licenses - individual loan originator and business control persons
$39 Federal criminal background check
$33 State criminal background check
$15 credit report fee
Loan Originator
$195 application fee
$20 guaranty fund fee
$30 initial and $30 annual NMLS filing fees
Mortgage Broker
$425 application fee
$100 guaranty fund fee
$100 initial and $100 annual NMLS filing fees
Mortgage Lender
$500 application fee
$100 guaranty fund fee
$100 initial and $100 annual NMLS filing
2 tests - a national test and a state test (unless "state test certified"); the national test is 100 questions with 10 statistical questions that are not graded; you must score at least 75% on the national test and the time allowed is 150 minutes with 30 additional minutes added for a tutorial and for a survey. The state test is 60 questions of which 10 are statistical and are not graded; you must score at least 75% and the time allowed is 90 minutes with 30 additional minutes added for a tutorial and for a survey. Both tests are multiple choice with 4 answer selections.
You must wait 30 days before you can retest. Every time you fail you must wait another 30 days prior to retesting. You can fail 3 times before you must wait 180 days to retest again.
Anytime. Don't wait to schedule your test as testing centers fill up quickly and the deadline is fast approaching to satisfy all the licensing requirements. See our "Important Links" section of the web sites for links to the Prometric and PearsonVue testing registration web sites.
Please go to our website at www.bertrodgers.com and select the "Mortgage Professionals Education" tab and then you'll see the link to register and pay for our prep courses or the 20 hour PE course.
Since an MLO license is required for any mortgage loan origination activities, you cannot work until after you apply for an MLO license and your application is approved. Starting October 1, 2010, the penalty if a broker, processor, underwriter or originator operates without a license is $1,000 per day not to exceed $25,000 cumulatively.
