Florida Regulations 69V-40.0612: Mortgage Lender License Renewal and Reactivation
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(1) In order to renew an active mortgage lender license a mortgage lender licensee must submit the following to the Office no later than December 31 of each calendar year in which the licensee wishes to renew the license:
(a) Submit a payment of $575 through the Registry for the following:
1. $475 nonrefundable renewal fee; and,
2. $100 nonrefundable mortgage guaranty fund fee.
(b) Authorize the Registry to obtain and make available to the Office an independent credit report on each control person listed on the licensee’s NMLS Company Form (Form MU1).
(2) A mortgage lender license that is not renewed as required in subsection (1), before January 1 of the renewal year shall revert from active to inactive status. In order to reactivate a mortgage lender license, before March 1 of each calendar year in which the licensee wishes to reactivate the license, a licensee must submit to the Office a total payment of $1050 paid through the Registry which includes the following:
(a) $475 nonrefundable renewal fee;
(b) $475 nonrefundable reactivation fee; and,
(c) $100 nonrefundable mortgage guaranty fund fee.
(3) A mortgage lender license that is not reactivated before March 1 after becoming inactive shall permanently expire.
(4) For the purposes of this rule, the requirements in paragraphs (1)(c) and (d), above, are not required if the control person is currently licensed as a loan originator and has filed through the Registry a renewal submission of the loan originator license.
(5) Request for additional information. The Office shall review each mortgage lender renewal request and inform the licensee of any request for additional information required to complete its review. The additional information must be received by the Office within 30 days from the date of the request. Failure by the licensee to respond 30 days from the date of the request shall be construed by the Office as grounds for denial of the renewal request.
(6) Upon the Office determining that a renewal request has been completed the Office shall determine if the licensee continues to meet the minimum standards for licensure as set forth in Florida Statutes § 494.00611, and rules 69V-40.00112 and 69V-40.0113, F.A.C. If a licensee continues to meet the minimum standards for licensure the Office shall renew the mortgage lender license which shall be valid until December 31 of the year following the expiration date of the mortgage lender license. If a licensee does not continue to meet the minimum standards for licensure the Office shall deny the renewal request pursuant to Florida Statutes § 494.0612(2)
(7) NMLS Company Form (Form MU1) is incorporated by reference in Fl. Admin. Code R. 69V-40.002
Rulemaking Authority 494.0011(2), 494.00612 FS. Law Implemented 494.0011(2), 494.00612 FS. History-New 10-1-10, Amended 11-30-15.
Terms Used In Florida Regulations 69V-40.0612
- Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
1. $475 nonrefundable renewal fee; and,
2. $100 nonrefundable mortgage guaranty fund fee.
(b) Authorize the Registry to obtain and make available to the Office an independent credit report on each control person listed on the licensee’s NMLS Company Form (Form MU1).
(2) A mortgage lender license that is not renewed as required in subsection (1), before January 1 of the renewal year shall revert from active to inactive status. In order to reactivate a mortgage lender license, before March 1 of each calendar year in which the licensee wishes to reactivate the license, a licensee must submit to the Office a total payment of $1050 paid through the Registry which includes the following:
(a) $475 nonrefundable renewal fee;
(b) $475 nonrefundable reactivation fee; and,
(c) $100 nonrefundable mortgage guaranty fund fee.
(3) A mortgage lender license that is not reactivated before March 1 after becoming inactive shall permanently expire.
(4) For the purposes of this rule, the requirements in paragraphs (1)(c) and (d), above, are not required if the control person is currently licensed as a loan originator and has filed through the Registry a renewal submission of the loan originator license.
(5) Request for additional information. The Office shall review each mortgage lender renewal request and inform the licensee of any request for additional information required to complete its review. The additional information must be received by the Office within 30 days from the date of the request. Failure by the licensee to respond 30 days from the date of the request shall be construed by the Office as grounds for denial of the renewal request.
(6) Upon the Office determining that a renewal request has been completed the Office shall determine if the licensee continues to meet the minimum standards for licensure as set forth in Florida Statutes § 494.00611, and rules 69V-40.00112 and 69V-40.0113, F.A.C. If a licensee continues to meet the minimum standards for licensure the Office shall renew the mortgage lender license which shall be valid until December 31 of the year following the expiration date of the mortgage lender license. If a licensee does not continue to meet the minimum standards for licensure the Office shall deny the renewal request pursuant to Florida Statutes § 494.0612(2)
(7) NMLS Company Form (Form MU1) is incorporated by reference in Fl. Admin. Code R. 69V-40.002
Rulemaking Authority 494.0011(2), 494.00612 FS. Law Implemented 494.0011(2), 494.00612 FS. History-New 10-1-10, Amended 11-30-15.