494.00611 Mortgage lender license.— (1) Each person who acts as a mortgage lender must be licensed under this section. (2) In order to apply for a mortgage lender license, an applicant must: (a) Submit a completed application form as prescribed by the commission by rule. (b) Designate a qualified principal loan originator who meets the requirements of s. 494.00665 on […]
494.00612 Mortgage lender license renewal.— (1) In order to renew a mortgage lender license, a mortgage lender must: (a) Submit a completed license renewal form as prescribed by commission rule. (b) Submit a nonrefundable renewal fee of $475, the $100 nonrefundable fee if required by s. 494.00172, and nonrefundable fees to cover the cost of further fingerprint processing and […]
494.0063 Audited financial statements.—All audited financial statements required by this chapter must be prepared by an independent licensed certified public accountant. A mortgage lender must obtain an annual financial audit report as of the date of the licensee’s fiscal year end, as disclosed to the office on the application or a subsequent amendment to the application. […]
494.0066 Branch offices.— (1) Each branch office of a mortgage lender must be licensed under this section. (2) The office shall issue a branch office license to a mortgage lender after the office determines that the mortgage lender has submitted a completed branch office application form as prescribed by rule by the commission and an initial nonrefundable branch […]
494.00665 Principal loan originator and branch manager for mortgage lender.— (1) Each mortgage lender business must be operated by a principal loan originator who shall have full charge, control, and supervision of the mortgage lender business. The principal loan originator must be licensed as a loan originator pursuant to s. 494.00312. Each mortgage lender must keep the […]
494.0067 Requirements of mortgage lenders.— (1) A mortgage lender that makes mortgage loans on real estate in this state shall transact business from a principal place of business. Each principal place of business and each branch office shall be operated under the full charge, control, and supervision of the licensee pursuant to this part. (2) A license issued […]
494.0069 Lock-in agreement.— (1) Each lock-in agreement must be in writing and must contain: (a) The expiration date of the lock-in, if any; (b) The interest rate locked in, if any; (c) The discount points locked in, if any; (d) The commitment fee locked in, if any; (e) The lock-in fee, if any; and (f) A statement advising of the provisions of this […]
494.007 Commitment process.— (1) If a commitment is issued, the mortgage lender shall disclose in writing: (a) The expiration date of the commitment; (b) The mortgage amount, meaning the face amount of credit provided to the borrower or in the borrower’s behalf; (c) If the interest rate or other terms are subject to change before expiration of the commitment: 1. The […]
494.0071 Expiration of lock-in agreement or commitment.—If a lock-in agreement has been executed and the loan does not close before the expiration date of the lock-in agreement or any commitment issued consistent therewith through no substantial fault of the borrower, the borrower may withdraw the application or reject or terminate any commitment, whereupon the mortgage lender […]
494.00721 Net worth.— (1) The net worth requirements in s. 494.00611 shall be continually maintained as a condition of licensure. (2) If a mortgage lender fails to satisfy the net worth requirements, the mortgage lender shall immediately cease taking any new mortgage loan applications. Thereafter, the mortgage lender shall have up to 60 days within which to satisfy […]
494.0073 Mortgage lender when acting as a mortgage broker.—The provisions of this part do not prohibit a mortgage lender from acting as a mortgage broker. However, in mortgage transactions in which a mortgage lender acts as a mortgage broker, the provisions of ss. 494.0038, 494.0042, and 494.0043(1), (2), and (3) apply. History.—ss. 44, 50, ch. 91-245; […]
494.0074 Lender fees and charges.— (1) In a mortgage financing transaction, fees designated as loan origination fees, up to 4 percent of the face amount of the loan or line of credit, are not considered interest or finance charge under chapter 687. (2) In a mortgage finance transaction, fees designated as loan origination fees, up to 10 percent […]
494.0075 Requirements for selling loans to noninstitutional investors.— (1) A mortgage lender, when selling a mortgage loan to a noninstitutional investor, shall: (a) Before any payment of money by a noninstitutional investor, provide an opinion of value from an appraiser stating the value of the security property unless the opinion is waived in writing. The opinion must state […]
494.0076 Servicing audits.— (1)(a) Each licensee under this part who services mortgage loans shall: 1. Maintain a segregated set of records for accounts that are serviced by the licensee. 2. Have a separate, segregated depository account for all receipts relating to servicing. (b) For fiscal years ending after January 1, 1992, such records and receipts shall be audited annually pursuant […]
494.0077 Other products and services.—This part does not prohibit a mortgage lender from offering, for a fee or commission, products and services in addition to those offered in conjunction with making a mortgage loan. History.—ss. 49, 50, ch. 91-245; s. 4, ch. 91-429; s. 61, ch. 2009-241.
