494.0036 – Mortgage broker branch office license.
494.0036 Mortgage broker branch office license.— (1) Each branch office of a mortgage broker must be licensed under this section. (2) The office shall issue a mortgage broker branch office license to a mortgage broker licensee after the office determines that the licensee has submitted a completed application for a branch office in a form prescribed by commission […]
494.0073 – Mortgage lender when acting as a mortgage broker.
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; […]
494.0038 – Mortgage broker fees.
494.0038 Mortgage broker fees.— (1) Any third-party fee entrusted to a mortgage broker must immediately, upon receipt, be placed into a segregated account with a financial institution located in the state the accounts of which are insured by the Federal Government. Such funds shall be held in trust for the payor and shall be kept in the […]
494.0074 – Lender fees and charges.
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 […]
494.0039 – Principal place of business requirements.
494.0039 Principal place of business requirements.—Each mortgage broker licensee shall maintain and transact business from a principal place of business. History.—ss. 26, 50, ch. 91-245; s. 4, ch. 91-429; s. 545, ch. 97-103; s. 15, ch. 99-213; s. 11, ch. 2006-213; s. 35, ch. 2009-241.
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. […]
494.0024 – Waiver.
494.0024 Waiver.—Unless otherwise indicated, any waiver of this chapter is unenforceable and void. History.—ss. 15, 50, ch. 91-245; s. 4, ch. 91-429.