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.