494.0075 – Requirements for selling loans to noninstitutional investors.
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 […]
494.004 – Requirements of licensees.
494.004 Requirements of licensees.— (1) Each licensee under this part shall report to the office: (a) In writing, any conviction of, or plea of nolo contendere to, regardless of adjudication, any felony or any crime or administrative violation that involves fraud, dishonesty, breach of trust, money laundering, or any other act of moral turpitude, in any jurisdiction, by […]
494.0076 – Servicing audits.
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 […]
494.0042 – Loan origination fees.
494.0042 Loan origination fees.— (1) A loan origination fee earned by a licensee, pursuant to this part, is not considered interest or a finance charge under chapter 687. (2) A person may not charge or exact, directly or indirectly, from the borrower a fee or commission in excess of the maximum fee or commission specified in this section. […]
494.0043 – Requirements for brokering loans to noninstitutional investors.
494.0043 Requirements for brokering loans to noninstitutional investors.— (1) A loan originator, when arranging a mortgage loan for a noninstitutional investor, shall: (a) Before any payment of money by the 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 […]
494.00611 – Mortgage lender license.
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.
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.
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.
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.
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 […]