FAMB Focus
News from the Florida Association of Mortgage Brokers
May 8, 2009                                           Issue No. 119
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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 Continuing Education required before I can renew my Mortgage Broker license?

Answer:

YES. However, Section 494.00295, Florida Statutes, provides for one exception.

Requirement: At the time of renewal, you will be required to certify that you have taken at least 14 hours of professional mortgage training from an accredited Mortgage Business School within the past two (2) years.

Exception: Section 494.00295(1), Florida Statutes, states: . . . The requirements for professional continuing education are waived for the license renewal of a mortgage broker who has completed the 24-hour pre-licensing classroom education requirement of s. 494.0033(3), F.S., within 90 days of the biennial license period immediately following the period in which the person became licensed as a mortgage broker.
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.
 
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information, please view and/or subscribe to the Attorney General's weekly
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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 Flag 
FAMB Government Affairs Update by Tom Morcom, Committee Chair
 

Florida Association of Mortgage Brokers has partnered with the National Federation of Mortgage Professionals (NFPM) to expand participation in the Federal Legislative and Regulatory process

Federal Government Moves to Eliminate Yield Spread Premiums
 
The Mortgage Reform and Anti-Predatory Lending Act advances in the U.S. House
 
The Mortgage Reform and Anti-Predatory Lending Act, (HR 1728) was written to stop mortgage originators steering consumers into higher cost loans for higher originator income.  The impact on Mortgage Loan Originators and Consumers will be to:
  • Eliminate loan originators receipt of yield spread premium
  • Further limit types of mortgage products offered to consumers
This bill is quickly moving toward approval in the U.S. House of Representatives

Florida Passes Mortgage Licensing Legislation
Florida's legislature passed legislation 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.
 
There are several controversial portions of SB 2226:
  • It 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.
  • It makes each mortgage licensee's ... yours and my ... credit report an open part of Florida's public records available for all to see.
  • It increases the amount of equity required for a Correspondent Lender to obtain or retain their correspondent lending license.
  • It mandates state licensing and annual license renewal for all Loan Originators currently working for Mortgage Brokerage Businesses, Mortgage Lenders, and Correspondent Lenders.
  • It mandates state licensing and annual license renewal for Loan Processors who currently work for Mortgage Brokerage Businesses, Mortgage Lenders and Correspondent Lenders.

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?

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 tradeshow floor 
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.
welcome mat 
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 April:

 
  •  Broward - Harry Berry; Cleopatra M.M. Boyce; Paula J. Corrigan; Janette Anne Derby-Green; Vanessa Estela; Janet Fried; Philip Giberson; David Ginsburg; Randi Gocinski; German Gonzalez; Iliana Gonzalez; Susan B. Greenberg; Jackie Harper; Terry Higgins; Fanny Wai-Han King; Daniel I. Krieger; Olga T. Maarsh; Suzanne E. Morton; Mary C. Murillas; Anne-Marie P. Murray; Marie-Antoinette Murray; Joey Oramas; Annelisse J. Ovalles; Tonya Renee Quarequio; Richard Scott Rash; Kirby Rockwell; Hector A. Soto; Paul Timothy Winfrey
  • Capital City - Marianne Arbulu; Gary F. Linton; Patricia McConville; Raymond Dixon Tindall; Tom Watkins
  • Central Florida - Conrad M. Almoradie; Reginald L. Ardis; David G. Artzner; Manuel Angel Betancourt-Aviles; Laura Meyers Blair; Lisa Blythe; Catherine Howard Boswell; Richard Phillip Bowersox; Angie D. Brooker; Li Hsueh Chou; Carol Christensen; Jose A. Cintron; David Campbell Combe; Daniel Christopher Cook; Julie A. Coombs; Margaret E. Donelson; Bobby J. Englehardt; Beulah Farguharson; Florence P. Figueroa; Lourdes G. Granados; Karen L. Grifin; Andy Hernan; Frank W. Holzkamp IV; Jeffrey K. Homfelt; Richard A. Kenney; Janet Lapsley; Wade J. Lewis; Robert L. Loos; Paul Matthew Mahan; Lori Marsilio; Rebecca Mason; Gloria Lynne McCall; Gary Michael; Wendy Michaels; Dana Mohr-Taylor; Colleen D. Murphy; Rhonda Peek; James E. Petticrew; Hugh Phillips; Nancy Pitt; Raquel Quinones Diaz; Brenda V. Register; Victoria L. Rock; Lynne M. Rohde; Alex Santiago; Richard L. Shipp; William Sholk; Stephanie Renee Sofka; June Marie Steding; Barbara Stewart; Betty Tehrani; David Tehrani; Lisa C. Thompson; Tim Tolbert; Betti Slusher Traficante; Miriam Velazquez; Rosemarie Whippo; Dana E. Williams; Raleigh E. Worsham; Melissa Ziefel
  • Gulf Coast - Cathy Alesi; Colleen Bebell; Christian Beiter; Charles Brenchley; Paul E. Chandler; Lorena Colin; Mike Craig; Rosemarie Flinchbaugh; Cynthia L. Fortner; David Freed; Anthony J. Garrido; Z. Vernon Hall; Kimberlee Ann Harestad; Ted Jeschke; Thomas W. Lackey; Marina Ocasio; Allan Prober; Phillip Thomas Saadi; Eric Starkweather; Doug Swan; Larry Sweeney; Jennifer Weil
  • Jacksonville - Larry Alford; Barry B. Ansbacher; Sergio F. Arnaiz; Bianca Beattie; Alexander C. Boriss; Fred W. Bower; Geoffrey Wesley Bunce; Christopher R. Castleberry; Thomas Correia; Grover D. Daniels; Marcus Davis; Douglas Allen Decker; Michael Decker; David Ivie Deen; Ema Dumitrascu; Caroline Ufaeyen Ebong; John Brandon Fanning; Ruth Ann Fitzgerald; Timothy V. Forsberg; Jennifer L. Fox; Dawn G. Hagel; Bruce A. Hall; Eric Alan Hall; Quinton P. Harris; Alena Havlicek; Frances H. Holland; Neal Holland; Richard Hooper; Marshall Konecny; Aaron Kropp; Lee Lee; LeRoy Mahler; Marie Mauricio-Ortiz; Elizabeth A. McGough; Scott A. Neeley; Cynthia Jordan Noyes; Lisa P. O'Connor; Edward Okeefe; Brian Parker; Wendy Pearson; Julius Pooler; Jeremy Resnichr; Sheryl J. Rowe; Robert Smith; Sharonne Stoenner; Eric John Strube; Dianne Sturgis; Clare W. VanEtta; Francis P. Wawrzyniak; Jeffrey Weller; William M. Williams; Darrin J. Wind
  • Miami - Analia Aguilera; Rick Almeida; Carmen V. Alonso; Marin Arana; Jose R. Arrazcaeta; Carlos Aspuru; Rhadames C. Batista; Virginia Castillo; Carlos Celaya, Jr.; Shawn Chemtov; Nora B. Gonzalez; Michael Lee Lawrence; Susana Lay; Luz Elena Lopez; Dainoria Louerra-Eden; Hector Mesa; Ricardo Navarro; Yulieth Barbara Pena-Mesa; Emelina Perez-Abreu; Maria Poli; Manuel Richardson; Seth Sklarey; Eduardo Suarez; Juan Luis Vergez; Marie Kim Williams
  • Northwest - Duane D. Clark; Al Muller; Christian Sturdivant; Daren L. Thomas; Donald Terrell West
  • Palm Beaches - Michael Peter Bisbee; David A. Dweck; Maida M. Eldabbas; Fred Martin Kadin; Krishna R. Korapati; Barbara Jan Martin; John Allen Nelson; Donna Paul; Jim Read; Glynda Elizabeth Russell; David J. Snetsinger; Ricardo Zuniga
  • Southwest - Chad Brian Johnson; Marianne Lilly; Anthony F. Mansolillo; Barbara Marcinkowski; Roberto Prida; Andreas H. Schomburg; Robin Speronis; Chris Tomaras; Robert J. Vesci; Elizabeth A. Weider
  • Space Coast - Pedro Enrique Barreto; Tim Horr; Joseph Johnson Jeffreys; Robert M. Jones; John W. Kendall; Luella W. King; Susan D. Lake; George William Lewis; Donald F. Manning; Binh N. Nguyen; Nilesh Shirish Shastri; Mark Daniel Wengert; Carolyn Wolfe; Lynda Workman; Patricia A. Youngman
  • Suncoast - Darryl Allion; Yvonne Aronin; Alice Cislo; Janet L. Clark; James Stephen Dougherty; Susan K. Hogrefe; Cathy J. Kneeland; Dean Mlinarich; Manuel G. Pardo; Stanley Petersen; Kristin Kiley Triolo; Steve Voight; Gene B. Wasson; Michael Worthington; Steven Zahradka
  • Treasure Coast - Richard E. Brand; Richard Jelliffe; Pamela G. Jones; Sharon Lee Lloyd; Harold Norman
  • Volusia - Robert Flores; Jacqueline Harmon; Marc A. Hayes; Tracie Renee Kelly; Brian Lendis; Roy Lendis; Joseph Lococo; Greg Martin; Veronica A. McNeil; Barbara H.E. Rodriguez
  • West Coast - Christine A. Arias; Debra Banks; Julie A. Cook; Nathan Davis; Chip Dobson; Al Eastburn; James V. Heidelberg; Cheryl Louise Hormes; Steve Jacobson; Russell Scott Kearney; Christy Lodrigues; Frederick A. Nino; Maria De Los Angeles Rivera; Timothy Safransky; David Taylor; Jose Angel Vega

Thank you for joining FAMB and we look forward to your active participation in your local chapters!