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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:
Must I have a license to do a loan on commercial
property?
Answer:
Section 494.001(20) defines a "mortgage loan" as (a) Residential mortgage loan;
(b) Loan on commercial real property if the
borrower is a natural person or the lender is a
noninstitutional investor; or (c) Loan on improved real property consisting of five or more dwelling units if the borrower is a
natural person or the lender is a noninstitutional
investor. If the loan does not fall under this definition, no
license would be required to broker or make the
loan. |
| 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 Legislation is proposed for 2009 that would
...
*Require all
mortgage company employees ... not just mortgage originators ... to hold
individual licenses
*Define Loan Origination fees as all fees received by
mortgage brokers, including yield spread premium
*Allow Florida's Office of Financial Regulation to use your
credit report to determine if you qualify for a Florida mortgage
license
*More than double the fees required to gain and keep a
Florida mortgage license
current
*Require Florida
mortgage professionals who have already taken Florida's pre-licensing class,
passed the licensing test and maintained continuing education credit to start
all over again and do it again.
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.
*Federal SAFE Act Licensing Rules - The Federal SAFE Act is
silent on the issue of grandfathering of pre-licensure education and
testing requirements for people who have already taken similar Florida
pre-licensing clases and tests. NFMP and FAMB are working to have
Florida mortgage professionals, who have already taken pre-licensing classes and
passed Florida's licensing test, be given credit under the SAFE Act
licensing requirements.
*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.
*YSP - Monitor predatory lending
legislation (like HR 3915 from 110th Congress) to ensure YSP is not
eliminated in Congress' attempt to address steering.
Join
Florida Association of Mortgage Brokers
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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? |
FS494 Proposed Revisions Webinar
The Senate Banking and Insurance Committee recently introduced proposed legislation which will revise FS494, the Mortgage Brokerage and Lending Statute. Join us on Monday, March 2, 2009 from 3pm to 4pm for a FREE webinar and learn how your industry will change!
Valerie Saunders, President of the Florida Association of Mortgage
Brokers, will discuss the proposed legislation in detail.
Did you know that...
- All processors, underwriters, loss mitigation specialists, HUD counselors and more must now become licensed
- Loan modifications will be regulated by FS494
- New licensure requirements will be implemented including increased costs, financial responsibility requirements and more
- Correspondent Lender Licenses and Mortgage Lender with Savings Clause Licenses will expire
- Plus, many more changes!
This webinar is FREE to
all who wish to attend! Don't miss your chance to hear the latest
happenings on the statute that directly affects you!
Date: Monday, March 2, 2009
Time: 3:00 PM - 4:00 PM EST
Cost: FREE!
After registering you will receive a confirmation email containing information about joining the Webinar.
System Requirements:
PC-based attendees Required: Windows® 2000, XP Home, XP Pro, 2003 Server, Vista
Macintosh®-based attendees
Required: Mac OS® X 10.4 (Tiger®) or newer
Space is limited.
Reserve your Webinar seat now...
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New FAMB Membership Dues Structure and Monthly Payment Options Now Available
The Florida Association of Mortgage Brokers is excited to inform you that we have adopted a new dues structure 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!
To learn more and join... |
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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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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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! |
FAMB Partners with NFMP
The Florida Association of Mortgage Brokers is proud to announce their official partnership with the National Federation of Mortgage Professionals, an
organization dedicated solely to the preservation of mortgage professionals through federal lobbying efforts.
The NFMP's banner portrays three stars which reflects their dedication to the principles of industry
excellence, governmental awareness and consumer protection.
The alliance of FAMB and NFMP - another member benefit from the Florida Association of Mortgage Brokers. |
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