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Compliance Corner |
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Welcome
to the Compliance Corner. Each issue, we will be answering a question
which has been submitted to the Office of Financial Regulation, a
division of the Department of Financial Services. The answers provided
come directly from the department and a new question will appear in each issue.
This issue's Question:
What documents must be maintained in the loan
file?
Answer:
Rule 69V-40.175, F.A.C., lists specific documentation that must be maintained in a mortgage brokerage file. In addition, Rule 69V-
40.175(8), F.A.C. requires that all documents
originated, received, or related to the mortgage loan
from the application through the final disposition must be maintained in the file. Rule 69V-40.260, F.A.C. lists specific
documentation that must be maintained in a mortgage lender or correspondent mortgage lender
file. In addition, Rule 69V-260(7), F.A.C. requires
that all documentation originated or received by a
mortgage lender or correspondent mortgage lender
must be maintained in the file. |
| Attorney General's Weekly Newsletter |
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Florida Attorney General Bill McCollum updates Floridians weekly with his e-mail newsletter, "Generally Speaking". Topics include a cybercrime update, consumer protection actions, criminal proceedings and much more.
To keep up with the latest Consumer News and a variety of other topics and
information, please view and/or subscribe to the Attorney General's weekly
Electronic Newsletter at http://myfloridalegal.com.
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| CFO Consumer eViews |
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Each week, CFO Alex Sink shares her views with Florida's consumers through her newsletter, "Consumer eViews". Whether it's updating constituents on legislative meetings and events or commenting on recent happenings in the State of Florida, CFO Sink keeps Floridians informed through her new publication.
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FAMB Chapter Upcoming Events |
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FAMB Chapter Educational Seminars
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 Welcome to "The FAMB Focus", a bi-weekly publication issued by the Florida Association of Mortgage Brokers!
"The FAMB Focus" has been the communication tool of choice for the association since it's inception in October 2004. We hope that you find this publication informative, useful to your business and helps you discover the many benefits of membership in FAMB. Thank you for being a part of the over 60,000 FAMB subscriber community. |
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 Government Affairs Update - By Tom Morcom, Government Affairs Chair
If You Did Not Read It Here Would You Know? ... FAMB Is Working for You In Tallahassee and Washington
Mark Your Calendar
March 16 to March 18, 2009 - Come with FAMB to Tallahassee's Home Finance Lobby Days to speak with your Florida State Senators and Representatives to help them understand the important role Florida's Mortgage Brokers play in helping homebuyers obtain affordable home financing options.
Florida Association of Mortgage Brokers partners with the National Federation of Mortgage Professionals (NFPM) to expand participation in the Federal Legislative and Regulatory process ... FAMB is working for you in Washington too.
Economic Stimulus Package
The House passed its version of the economic stimulus package this week, with Senate to follow. The House bill contained language to restore the high cost area loan limit to $729,750 for the remainder of the year; increase the limit for reverse mortgages to $625,500; and eliminate the recapture provision of the $7,500 first time homebuyer tax credit, meaning that the $7,500 would no longer be required to be repaid.
Other Federal Issues FAMB and NFPM are working
HVCC / Appraisal Rules - Monitor status of HVCC for opportunities to weigh in to legislators and regulators about the negative impact of this Rule on mortgage brokers and consumers.
RESPA - Work with Congress on steps to amend the RESPA rule and postpone its implementation until changes are made. Work on specific list of changes it needs to see in RESPA proposal.
Loan Modifications - Monitor loan modification amendments at markup of H.R. 703 and make suggestions for changes. Monitor introduction of House companion to S. 117 and movement of bill in the Senate and work to incorporate needed changes as legislative process continues. Monitor other proposals with respect to loan modifications, including regulatory actions.
Mortgage Cramdown Legislation - Monitor progress of cramdown legislation through the legislative process.
YSP - Monitor predatory lending legislation (like HR 3915 from 110th Congress) to ensure YSP is not eliminated in Congress' attempt to address steering.
Licensing - Prepare a letter to HUD from members of Florida delegation (Sen. Martinez) asking for clarification about whether certain licensed originators can be "grandfathered" in.
FHA Approval of Originators - Monitor the issue and ensure the bar for mortgage brokers' participation in the FHA program is not raised following MBA's recommendations at a recent House Financial Services Committee hearing to increase the net worth requirements for mortgage brokers who seek to become FHA approved. Suggest ways to make the approval process more effective and efficient
Caps on Closing Costs - Monitor potential legislation that seeks to cap closing costs.
Join Florida Association of Mortgage Brokers - If you are not a member of the Florida Association of Mortgage Brokers shouldn't you join and make sure FAMB continues to work for you in Tallahassee and Washington?
Contribute to the Florida Association of Mortgage Brokers PAC - If you are already a member of the Florida Association of Mortgage Brokers, shouldn't you contribute to the association's PAC and make sure FAMB continues to work for you in Tallahassee and Washington? |
FAMB Membership Dues Lowered and Monthly Payment Options Now Available
Did you know...
Proposed FS494 legislation wants to:
- Limit the total amount you can earn (including third-party processing fees and yield spread premium) to 2% of the loan amount
- Ban Equity-based Lending
- Ban Co-brokering
- Require your receptionist and in-house processor to become licensed
- Require you to re-disclose all changes using your mortgage brokerage agreement only
If you want to stay in the mortgage business in Florida, you can't afford not to join FAMB today!
The Florida Association of Mortgage Brokers is excited to inform you that we have just lowered our dues and now have available a monthly payment option! Dues for individual Professional, Originator and Affiliate Members are now $240 per person - a savings of up to $85! In addition, these memberships are now available for a monthly payment option. For only $24.17 a month, you can become a Professional, Originator or Affiliate member of FAMB and start receiving your benefits of membership immediately! Don't hesitate, join FAMB today and help save your career and your industry!
To learn more and join... |
FAMB Workers'
Compensation Insurance Program
Don't miss out on this Member
Benefit...Members may receive a
potential dividend (return of premium) of up to 24.8%!
The
State of Florida mandates that all businesses with more than 3
employees provide an insurance policy to pay for medical treatment and
salary benefits of injured workers. Unlike other types of
coverage where you get to choose the ultimate cost via limits, covered
events and deductibles, Workers' Compensation Insurance benefits
and rates are set by the State Legislature and the Division of
Workers' Compensation Department of Financial Services.
Therefore, you will pay exactly the same base price for this coverage
no matter what carrier you choose.
Learn more...
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FAMB is Your Key to Success
The Florida Association of Mortgage Brokers is proud to present one of our newest Professional Member benefits...the MP designation.
As a Professional Member of FAMB, you are given the right to display the MP designation on your letterhead, business cards, etc. reflecting your dedication to the mortgage industry and your commitment to uphold the ethical standards prescribed by the Florida Association of Mortgage Brokers through our strict Code of Ethics.
This designation is available to Professional Members only. If you would like more information on how you can become an FAMB Professional Member and receive the MP designation, please contact Amber Greene, FAMB Membership Director, at (800) 289-9983. |
Don't Miss FAMB's World of Wonders 2009 State Convention and Trade Show
Your future is clear...you will travel to increase your knowledge and find prosperity in a World of Wonders.
Don't miss your destiny...mark your calendars for FAMB's World of Wonders 2009 State Convention and Trade Show to be held July 15 - 18, 2009 at the Orlando World Center Marriott Resort and Spa in Orlando, Florida.
Go
to www.famb.org for exhibitor registration,
hotel reservations and the brand new FAMB Widget. Place the FAMB Widget on your company
webpage, Facebook, LinkedIn, blog or other social media networking site for
instant updates and a countdown to the 2009 Annual Convention & Trade Show.
For more information...
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Upcoming FAMB Chapter Trade Shows
Is your company looking for an effective way to share your products and services with Florida's top mortgage professionals? You may want to consider exhibiting at one of our chapter trade shows.
Don't miss this opportunity to have your area account executives meet and greet with local attendees and build your market share today! |
The Home Valuation Code of Conduct (HVCC) and How it Will Affect Your Business -An FAMB Foundation Webinar Sponsored by JVI Appraisal Division, LLC
The FAMB Education Foundation is proud to provide FAMB members a new way of learning...desktop education!
Eighth in our series of educational webinars..."The Home Valuation Code of Conduct (HVCC) and How it Will Affect Your Business" sponsored by JVI Appraisal Division, LLC. Join us as we look in-depth at the HVCC and how your business will change as this code goes into effect on May 1, 2009.
Discuss the code and get your questions answered from Joe Falk,
FAMB Past President, FAMB Foundation Instructor and member of the
Federal Reserve Board's Consumer Advisory Council.
Date: Monday, February 9, 2009
Time: 3:00 PM - 4:00 PM EST
Cost: FREE for Members; $25.00 for Non-members
Registration deadline is Monday, February 9, 2009 at 11am!
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FAMB Welcomes Its Newest Members
The Florida Association of Mortgage Brokers would like to welcome those individuals who joined the association during the month of January:
- Broward - Fuad Abuchaibe; James M. Assalone; Maria L. Belloso; Richard Cogswell; Ivette Colon; Wendy Driscoll; Minerva Esplugas; Robert Franco; Joseph A. Janosik; Julie Jensen; Esther Johnson; Maria Jones; Louis Julmis; Jackie Kiadii; Gary LaRochelle; Wendy K. Langstroth; Odalis Laria; Patricia McKay; Jerome O. Mclean; Jimmy Michel; James A. Monninger; Manuel Perez; Kirenia Ricardo; Sookranie N. Roopchand; Tim I. Schlehuber; Marianela Sojo; Gilma M. Tobar; Carolyn Turner; Tammy Venter
- Central Florida - Maribel Mercado; Sharon Molina; Steven T. Moore; Judith E. Northrop; Inalbert Ramos
- Gulf Coast - Regina Brown; Brian P. Forrester; Oliver Orlicki
- Jacksonville - Tina Anderson; Carlos M. Gamez;
Tom Taylor
- Miami - Robert Dionne; Debbie Fernandez; Michelle A. Fernandez; Derrick B. Gruner; Piedad J. Sanchez
- Palm Beaches - Lee M. Eisenberg; Karen Lanthier; Terrence Riley
- Suncoast - Gina M. Damico; Charles George
- Treasure Coast - Melinda Branand
- Volusia - Erin B. Freeman; Andrew Kokitus; Craig McDaniel
- West Coast - Dennis M. Craig; Floyd L. Pierson
Thank you for joining and we look forward to your active participation in your local chapters! | |
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