FAMB Focus
News from the Florida Association of Mortgage Brokers
March 27, 2009                                           Issue No. 116
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Compliance Corner

Seal of the State of Florida

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
Florida Attorney General Bill McCollum
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.
CFO Consumer eViews 
CFO Alex Sink
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.
 
FAMB Chapter Educational Seminars
FAMB President Ritch Workman on Cavuto

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.
Government Affairs US FlagGovernment 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 is in its 2009 session and there are many proposed laws affecting Mortgage Loan Originators and mortgage lending.  The most significant of these is SB 2226, an almost complete rewrite of the current law outlining the duties and responsibilities of Loan Originators.
 
One controversial portion of SB 2226 gives Florida mortgage regulators the right the request a copy of each mortgage licensee's Credit Report and use it as a possible reason for denial of issuing or reissuing a Loan Originator license.
 
A Loan Originator's license can be denied if the applicant demonstrates a lack of financial responsibility, character, and general fitness which would fail to command the confidence of the community and to warrant a determination that the Loan Originator will operate honestly, fairly and efficiently.
 
For purposes of this rule, a person has shown that he or she is not financially responsible if he or she has shown a disregard in the management of his or her own financial condition, which may include but is not limited to:
 
* Current outstanding judgments, except judgments resulting solely from medical expenses.

* Current outstanding tax liens or other government liens and filings.

* Foreclosures within the past three years.

* A pattern of seriously delinquent accounts within the past seven years.

Based on this rule, many Loan Originators and Processors who are currently honestly and efficiently working as mortgage lenders and processors will not be allowed to continue working in the mortgage industry.
 
Take some time and read other issues within SB 2226 now, before it becomes law so you will be prepared for changes to the law.


FAMB is working for you in Washington too.
 
Florida Association of Mortgage Brokers partners with the National Federation of Mortgage Professionals (NFPM) to expand participation in the Federal Legislative and Regulatory process ...

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 Special - Join for only $144 from March 15 - April 15, 2009!
 
The Florida Association of Mortgage Brokers is excited to tell you about our special membership offer - join now for only $144.00!  From March 15th to April 15th, FAMB has discounted the cost of its Professional, Affiliate and Originator membership levels.  That's a $96 savings! 

From pre-licensing and continuing education, state and federal legislative advocacy, customized group insurance programs
administered by BPC Financial and much more, there has never been a better time to become a part of the only state association fighting for the rights of the Florida mortgage brokerage industry.

Don't wait...join FAMB today and help us help you and your business!

To join FAMB today...
Crystal Ball 
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...

FAMB President Ritch Workman on Cavuto 
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!

education
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.