Florida Adopts Mortgage Loan Originator Licensing Provisions
Florida has adopted provisions regarding loan originator license applications, renewals, and reactivation. The purpose of the amendments is to streamline the process for individuals seeking to be licensed as loan originators. The provisions are effective as of November 24, 2016.
Loan Originator License Applications
The first amendment concerns the application procedure for loan originator licenses. Under the previous rule, an applicant was required to be tested on both a national and state component. The national component, administered by the National Mortgage Licensing System & Registry (NMLS), now includes a section called the Uniform State Test (UST), which tests applicants on high level state-related content. The UST material is based on the SAFE Act and the CSBS/AARMR Model State Law. Under the amended rule, the state component has been replaced by the UST.
Applicants will also be required to complete at least two hours of pre-license education that covers the provisions in Chapter 94, F.S., and Rule Chapter 69V-40, F.A.C., as part of the presently-required 20-hour pre-license class.
Loan Originator License Renewal and Reactivation
The last amendment concerns the renewal and reactivation of loan originator licenses. In order to renew or reactive a loan originator license, an individual is required to complete eight hours of continuing education, as required by the federal SAFE Act. As part of those required eight hours, at least one hour must cover the provisions set forth in Chapter 494, F.S., and Rule Chapter 69V-40, F.A.C.
For the full text of the amended rules, please refer to:
https://www.flrules.org/gateway/ruleNo.asp?id=69V-40.0312
https://www.flrules.org/gateway/ruleNo.asp?id=69V-40.0313
Elizabeth Dailey, JD, is a Regulatory Compliance Director with CLA. She is a graduate of the University of New Hampshire and earned her juris doctor at New England Law. She is admitted to the Massachusetts Bar.
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