With less than a month remaining, more than 32,000 mortgage brokers and nearly 6,000 mortgage companies are weeks away from losing their Florida Licenses unless they reapply for them with the state.
According to the Florida Office of Financial Regulation (OFR), the agency is concerned that mortgage professionals will not get their applications in on time and will not be able to continue working in the industry come January 1, 2011.
Under the new Nationwide Mortgage Licensing System (NMLS), all originators are required to re-apply in order to do business in the state. Professionals whose applications are note certified as received by December 31, 2010, can continue to work while their application is processed. However, if a person’s application is not certified as received by December 31, 2010, they will find themselves unable to legally continue working in the mortgage industry and out of work until the new license is approved, which could take more than 3 months.
“We have rigorously been reaching out through industry organizations and their communications vehicles, trying to drill down the message and encouraging applicants to apply now so that they can continue to work while their application is being processed,” OFR Commissioner Tom Cardwell said in a news release. “The longer you wait, the more risk you take, and the last thing we want to see is Floridians who are unable to legally continue working in the mortgage industry just because they didn’t get their applications in on time.”
As on December 1st, there are 42,666 licensed mortgage brokers but only 10,208 applications have been received said the Florida OFR.