Florida Extends Mortgage Licensing Deadline

The Florida Office of Financial Regulation (OFR) said it’s allowing licensed mortgage industry professionals who file an application for a new license by December 31 to complete their applications by March 31, 2011 on Wednesday.

All applications still must be initially filed in the Nationwide Mortgage Licensing System (NMLS) by December 31, but individuals and businesses holding an active license can continue to work beyond December 31 as long as they finish the application requirements by March 31, 2011.

If an individual or company has not initiated a new application in the NMLS by December 31, 2010, their license to conduct business in Florida will expire.  Existing licensees who have filed an application by December 31, 2010, but do not complete their application by March 31, 2011, will have their existing licenses expired as of March 31, 2011, and must discontinue mortgage loan origination activity.


“The Office of Financial Regulation understands that the current economy has been challenging for consumers and industry alike,” OFR Commissioner Tom Cardwell said. “Our goal is to remain business friendly while also protecting Florida’s consumers. Potential applicants need to apply even during this last week of December,” Cardwell stressed.

Earlier this month, the OFR said that nearly 32,000 mortgage brokers and nearly 6,000 mortgage companies could lose their licenses unless they renew.

Join the Conversation (4)

see all

This is a professional community. Please use discretion when posting a comment.

  • Several states have expressed open concern about the pending drop in mortgage originators due to NMLS requirements, the housing market, and current economic conditions.

  • I’ve been trying to figure out the numbers…..and if it’s true that 75% of Florida originators are set to drop out, here is my guesstimate:

    5% never completed High School,
    10% have a credit history that prevents them from going forward,
    20% cannot pass a federal background check,
    and 40% cannot pass either the state or national component of the SAFE act.

    2011 will be a very interesting year in the reverse world,……YET AGAIN!

    Happy New Year to all of you, have a blessed 2011!

  • Let’s not forget another point – MOST of the originators in this space have been in their 50’s, 60’s, and 70’s, as apposed to insurance sales for example, where you see many in their 20’s 30’s and 40’s…..

    The fact of the matter is that many will choose retirement before undergoing these changes in regulation and licensing. “I’m 68, and I’m going to simply retire” is a common theme here amongst older originators……

    Just a point that rarely gets discussed, but deserves a hard look as real numbers concerning originators develop this year.

string(88) "https://reversemortgagedaily.com/2010/12/30/florida-extends-mortgage-licensing-deadline/"

Share your opinion