FAMB Focus
News from the Florida Association of Mortgage Brokers
May 22, 2009                                           Issue No. 120
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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:

My mortgage broker license is currently INACTIVE. Is Continuing Education required before I can reactivate my inactive individual Mortgage Broker license?

Answer:

YES. You will need to reactivate your license on-line via the Office's REAL system at http://www.flofr.com/REAL
upon which you will be required to certify that you have satisfied the continuing education requirement. Completion of this process will only reactivate your license through the end of the current licensing period.
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 Flag 
FAMB Government Affairs Update by Tom Morcom, Committee Chair
 
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.
 
The Florida Association of Mortgage Brokers has offered its members a Webinar, presented by FAMB President Valerie Saunders and FAMB Executive Director Frank Cicione, onWednesday, May 27, 2009to describe how the revisions made to FS494 will change the way they do business forever.  
 
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 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.
 
And please remember, remind your Florida Senator and Representative the licensing legislation passed this year did not protect Mortgage Loan Originators' credit reports from disclosure through the public records.  If legislation is not passed by the Florida legislature next session and signed into law by the Governor our credit reports will be open for everyone to see. 

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 Passes 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 has been approved by the U.S. House of Representatives.  This bill has not been considered by the United States Senate but is expected to be considered in future months.
Watch this space for steps you can take to help protect lenders ability to pay Mortgage Loan Originators Yield Spread premiums and help retain consumers choice the type of loans available to them.

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...

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.
computer screen and mouse 
The New FS494 and How Your Business Will Change Forever - Webinar

The 2009 legislative session has come to an end...join FAMB President Valerie Saunders and FAMB Executive Director Frank Cicione on Wednesday, May 27, 2009 from 3pm to 4pm and learn how the revisions made to FS494 will change the way you do business forever. 

Valerie and Frank were active participants in discussions with the Office of Financial Regulation, the Senate Banking and Insurance Committee and legislators on both the House and Senate side as revisions to FS494 were being crafted. 

Learn the upcoming changes as well as FAMB's plans for the 2010 legislative session.

Date: May 27, 2009

Time: 3pm to 4pm EDT

Cost: FREE to Members; $5 for Non-members

To register...