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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:
Is a net branch /satellite office required to have a
license?
Answer:
YES. A net branch/satellite office is a branch office as defined in sections 494.001(7), 494.0036, and
494.0066, Florida Statutes. |
| 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
The Florida Legislature Is Now In Session
Florida's legislature began its 2009 session this week and with the opening came many proposed laws affecting Mortgage Brokers and mortgage lending. The most significant of these proposed laws is SB 2226 that is an almost complete rewrite of FS 494, the current law outlining the duties and responsibilities of Mortgage Brokers. One of the biggest affect of this new law is to require almost everyone working in the mortgage origination process to obtain a state license before the end of 2009. There will be tens of thousands of newly licensed persons this year as well as many other changes to FS 494. Take some time and read SB 2226 now, before it becomes law so you will be prepared for changes to the law. 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.
If you can't come to Tallahassee, call your Senator and House Member and tell them they will be considering many bills affecting mortgage lending and servicing this year including SB 2226. Tell them they will be visited in their Tallahassee offices by Mortgage Professionals on March 17. Ask them to listen to their constituents who are Mortgage Professionals before they decide how to vote on bills affecting mortgage lending and mortgage servicing.
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.
Making Home Affordable Refinance Program - On March 4 the Federal Government announced the Making Home Affordable program to allow some homeowners with current loan to value ratios between 80% and 105% to refinance their home mortgages. These homeowners had been unable to refinance due to secondary market lending rules.
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 classes 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 - 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? |
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... |
The SAFE Act and FS494
Join
FAMB President, Valerie Saunders, on March 23, 2009 for a 2 hour
seminar - "The SAFE Act and FS494". This exciting and innovative
event will be held in person from 2pm to 4pm at The Shriner's
Auditorium in Orlando, Florida and simulcast via the internet as part
of a live webinar. Those attending the seminar in Orlando will receive
2 ceu credits. No ceu credits will be given for those participating as
part of the webinar.
Valerie has worked directly with the Office of Financial
Regulation (OFR) and the Florida Senate Banking and Insurance Committee
with the development of changes to FS 494 to get our Florida Statute in
compliance with the SAFE Act. She brings her instructor skills and
direct knowledge to you.
"The SAFE Act and FS494"
The Secure and Fair Enforcement for Mortgage Licensing Act of 2008
(S.A.F.E.) went into effect in July, 2008 with the passage of the
Housing and Economic Recovery Act. The purpose of this act is to
increase uniformity with regards to licensing. Part of this act
establishes the Nationwide Mortgage Licensing System and Registry which
requires all originators to be part of this licensing and supervisory
database. All states must participate in NMLS and Florida is no
exception. The State of Florida is required to incorporate minimum
standards of the SAFE Act into F.S. 494, the Mortgage Brokerage and
Lending Law, which governs all licensed mortgage brokers. As part of
this requirement, all unlicensed originators, processors (in-house and
contract), in-house underwriters, loss mitigation specialists and many
more will now be required to become licensed and be part of the
registry. Learn how the SAFE Act and FS494 revisions will change the
face of the mortgage brokerage industry forever.
Space is limited so, register today!
Date: March 23, 2009
Location: Shriner's Auditorium, 2300 Pembrook Drive, Orlando, FL 32810
Registration begins at 1pm
Class Hours: 2pm to 4pm
Cost of Seminar/Webinar: FREE for Professional/Affiliate/Originator Members; $20 for Supporter Members; $40.00 for Non-members
To register for the seminar...
To register for the webinar...
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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! |
Need Licensed? FAMB Foundation Now Offering 24-Hour Pre-licensure Course
Since 2000 the FAMB Education Foundation has provided quality
continuing education for license renewal. We are now pleased to
introduce our pre-licensure education course.
With the expansion of curriculum to include the 24-Hour Classroom
Pre-Licensure Course, our education now provides the new mortgage
broker the required classroom hours to satisfy the requirement of
fs.494.0033 (Click here for text of 494.0033). The course prepares all new applicants for
testing as required by the law while providing participants with a full
understanding of the mortgage process from application through
closing. Our 650-page manual will serve as a reference source that
will be used often once licensed.
Date: March 27 - 29, 2009 (Orlando, Florida)
Location: Days Inn Altamonte, 150 S. Westmonte Dr., Altamonte Springs, FL 32714
Times: March 27, 8:00 a.m. - 6:30 p.m.; March 28, 8:00 a.m. - 6:30 p.m.; March 29, 8:00 a.m. - Noon
Webinar Review: Friday April 3, 2009
2:00 p.m. - 4:00 p.m.
Cost: $200 for Members; $269 for Non-members
Webinar Cost: FREE
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FAMB Welcomes Its Newest Members
The Florida Association of Mortgage Brokers welcomes those individuals who joined the association during the month of February:
- Broward - Nancy Adams; Alejandro E. Alvarez; William Alvarez; Mark Antonelli; Amelia Barreto; Howard I. Bobrow; Robert Boudreau; Juan Bringas; William Cannova; Javier Cubas; Jack Doyle, MBA; Nelson T. Eidenire; Chester D. Freels; John Gardella; Alan Goldman, CSA; William Gonzalez, Sr.; James D. Greer; Rebecca Hansen-Trovitch; Haruyo Ishibashi; Leslie Lemley; Jeremy Longman; Carlos Lozan; Stuart Miller; Leslie L. Moore; Natasha Osilaja; Bryan Pollak; Andy Rogow; Alan Samuels; Charles R. Seager; Nuri Serra; Art Silberman; Roger W. Stewart; Avis Swenson; Reinaldo Valdes; Wanda Williams; Penny Wirt; Rodolfo Yllescas; Michael Zuckerman
- Central Florida - Carmen I. Colon; G. Pierre Darcelin; Margarita Hernandez
- Gulf Coast - Joe Bell; Patricia Bluhm; Mona Burrows; Debra Chadick; Gordon J. Chernecky; Rosalie Czilak; Maureen Deal; Nick Dimitri; Kelly Dixon; Barry Elkin; Amber Garcia; Kristen Hillman; Andrew Kashella; Darlene Kobsa; Michael Lauer; Dixie G. Moffatt; Caleb Nasseri; Paula L. Pautauros; Allyson Pipes; Matthew Pipes; John W. Porter; Judith Poulos; Larry Sacco; Stepen Sexauer; Christian L. Stover; Robert G. Ten Eyck; Fred Thompson; Brian C. Walek; Aileen Wilson
- Jacksonville - Charles Christopher; Melba Hardy; Robert Harms; Connie L. Hedding; Harry Myers; Christian A. Rambler; Ingrid Taylor
- Miami - Luis A. Amador; Caridad Ceijas; George Herrero; Tara K. Hoskins; Anibal U. Jorge; Anthony Modrono; Mario Mujica; Marian Ryan; Mary Ann Saumell; Trevor Seffren; Jesus Suarez
- Palm Beaches - Robert A. Garrison; Scott Gilsinan; Ron Leach; Robert Neadel; Scott Pender; Todd Smith
- Suncoast - Anna M. Duffey; Chris Gething; Don Wagoner; James R. Wright
- Volusia - Lynn Hilton; Steven Knox
- West Coast - Daniel Caceres; Robert Ellis; Dorothy Haviland; Norman J. Inks; Diane Johnson; John Masiello; Dwight A. McDonald; Ryan R. Naab; Maria L. Ramos; Marsha Stevenson
FAMB thanks you for joining the only state association fighting for your livelihood and we look forward to your active participation in your local chapters. | |
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