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Frequently Asked Questions

SAFE Act, the NMLS, and the New Florida Licensing Requirements



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Who is required to complete 8 hours of continuing education for the 2012 renewal?

When must I complete the 8 hours of continuing education and renew my license?

When does the new Mortgage Loan Originator (MLO) license become effective?

Who needs an MLO license?

Are loan processors required to obtain a Florida loan originator license?

What do contract loan processors need to know?

Are underwriters required to obtain a Florida loan originator license?

Can you confirm that a licensed loan originator located in the same physical location of an underwriter will satisfy the 'supervision' requirement for excluded underwriters, even if the loan originator is not the underwriter's manager?

If a loan originator is licensed by October 1, 2010, will they be able to process loans for their broker or lender? I'm trying to think ahead in case we have a shortage of available licensed processors once the deadline hits.

Our processors have assistants who handle clerical-type tasks. They do not speak with the borrowers. Would these assistants require licenses? Additionally, will a closer (defined by us as a W2 employee who facilitates the administrative and clerical aspects of closing a loan, communicates only with licensed loan originators and title company employees 100% of the time, and never communicates with a borrower) be required to obtain a loan originator license?

I am a loan officer at a lending subsidiary which is owned and controlled by a depository institution regulated by the Federal Reserve. I am also a registered loan originator on NMLS. Do I also need to become licensed as a Florida loan originator under Chapter 494, Fla. Stat.?

When will my current Mortgage Broker license expire?

If you are a mortgage broker licensed BEFORE Jan. 1, 2004 and your license is active as of September 30, 2010, then what do you need to do and what are the deadlines?

If you are a mortgage broker licensed ON or AFTER Jan. 1, 2004 and your license is active as of September 30, 2010, then what do you need to do and what are the deadlines?

How does education and testing certification work?

What are the changes in the application process?

Where do I apply for a Mortgage Loan Originator (MLO) license?

Why do I need a NMLS Unique Identification Number?

I have bad credit. Will my application be denied?

I can pass the credit test but what about my criminal background?

When will my current MBB, CL, ML, or MLS license expire?

What are the new licensing fees as of on October 1, 2010?

How many tests do I need to take, what type of questions, and what do I need to score to pass?

How much do the national and state test cost?

What happens if I fail the test?

When can I take the national and state tests?

Even though I am not required to take the 20 hour PE class, how can I successfully pass the national or state test without a refresher class?

I am currently unlicensed- meaning I didn't have an active Mortgage Broker license as of September 30, 2010, or I have never been licensed. What do I need to know?