Florida Adopts Provisions Regarding Loan Officer Licensing for Military Members
The Florida Department of Financial Services has recently adopted provisions relating to fee waiver procedures for military personnel, veterans, and spouses seeking a loan originator license or renewal of a loan originator license. These provisions are effective on September 25, 2018.
The new provisions waive the initial application, assessment, and renewal fees for current and former military members and their spouses or surviving spouses, who apply for or renew or reactivate a mortgage loan originator license, or register as an associated person of a securities dealer or investment advisor.
Under Florida law, in order to obtain a loan originator license, an applicant must be at least 18 years of age and have a high school diploma or its equivalent; complete a 20-hour prelicensing class approved by the registry; pass a written test developed by the registry and administered by a provider approved by the registry; submit a completed license application form as prescribed by commission rule; submit fingerprints to the Registry for submission to the Federal Bureau of Investigation for a federal criminal background check; and authorize the Registry to obtain and make available to the Office an independent credit report on the applicant.
In addition, when applying for a new license, an applicant must submit a statutory nonrefundable application fee of $195 filed through the Registry, as well as a statutory nonrefundable mortgage guaranty fund assessment fee of $20. When applying to renew an active loan originator license, a licensee must submit a $150 nonrefundable renewal fee, a $20 nonrefundable mortgage broker guaranty fund fee, and $6 to cover the cost of fingerprint retention. And, finally, when applying to reactivate a loan originator license that has reverted to inactive status, a licensee must submit a $150 nonrefundable renewal fee, a $150 nonrefundable reactivation fee, a $20 nonrefundable mortgage broker guaranty fund fee, and $6 to cover the cost of fingerprint retention.
Under the new provisions, military personnel, veterans, and spouses seeking a loan originator license or renewal or reactivation of a loan originator license are entitled to reimbursement of these fees. To obtain a reimbursement of licensure fees, a licensee must submit to the Office of Financial Regulation, via electronic filing through the Registry, a completed Office of Financial Regulation Active Military Member/Veteran/Spouse Fee Waiver and Military Service Verification, Form OFR-MIL-00. This form must be submitted within one hundred eighty days after payment of licensure fees, and is available online at http://www.flrules.org/Gateway/reference.asp?No=Ref-09912.
Zachary Pearlstein, JD, is a Regulatory Compliance Director with CLA's Mortgage Advisory Division. He joined CLA on January 1, 2014, as part of its acquisition of Bankers Advisory, Inc. Zachary oversees Mortgage Advisory's regulatory compliance team, which focuses on federal and state compliance, fair lending, and the Home Mortgage Disclosure Act (HMDA). He is a graduate of Brandeis University and earned his juris doctor at Suffolk University Law School. He is admitted to the Massachusetts Bar.
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