Question: Who has to be licensed as a Florida Mortgage Broker as of January 1, 2010?

Answer:  Anyone who is offering or performing Foreclosure Related Rescue Services, Loan Modification Services, or Real Estate Short Sales such as:

• Loan Modification Specialists
• Lawyers who's primary business is Loan Modification and not an ancillary function
• Real Estate Agents negotiating Short Sales
• Para Legals who work with Loan Modification or Foreclosure Attorneys
• Real Estate Short Sale Telemarketers
• Loan Modification Telemarketers
• Reverse Mortgage Specialists
• Loan Processors
• Loan Modification Processors
• Title Companies
• Any out of state company offering Loan Modification, Foreclosure Rescue or Prevention Services in Florida
• Anyone or any company charging a fee for a Florida Loan Modification, Foreclosure Rescue or Prevention Services
• Anyone or any company receiving a fee for a Florida Loan Modification, Foreclosure Rescue or Prevention Services

You are required to be licensed as a Florida Mortgage Broker and have a Mortgage Broker Business License if you are negotiating Loans including: terms, interest rate, monthly payment reduction, principal reduction, forbearance, equity right of redemption, arrearage forgiveness, payment plans, late fee reduction, legal fee reduction, mortgage loan restructuring, deed in lieu of foreclosure, or foreclosure rescue services.

Question:  What is meant by Foreclosure-Related Rescue Services?

Answer:  Foreclosure-Related Rescue Services means any good or service related to, or promising assistance in connection with:

1.  Stopping, avoiding, or delaying foreclosure proceedings concerning residential real property

2.  Curing or otherwise addressing a default or failure to timely pay with respect to a residential mortgage loan obligation

Question:  What are the Penalties for violating the new Loan Modification & Short Sale Laws?

Answer:  Maximum fine of $15,000 per violation, 3rd Degree Felony, and up to 5 years in jail.  In addition, there could be legal & ethical sanctions for Lawyers under the Florida Bar.  And potential revocation or suspension of Florida Real Estate License and Mortgage Broker License under the Florida Real Estate Commission and Office of Financial Regulation. 

Course Taught by:  Former Citibank Loan Officer

Topics Include:

• Who is required to be licensed
• What are the Licensing Requirements
• Who is Exempt from licensing
• Foreclosure Fraud Prevention Act F.S. 501.1377
• Florida Office of Financial Regulation Chapter 494
• Florida Real Estate Commission Chapter 475
• Florida's Deceptive and Unfair Trade Practices Act
• Federal Trade Commission Rules & Regulations
• Florida Do Not Call Rules
• Florida Statues regarding False Advertising
• Unconscionable Contracts
• Mandatory Disclosures for the Consumer
• Documentation required to operate legally
• Penalties: Fines, Felony, Forfeiture, & Federal Prison

Call today and register for the next Loan Modification Licensing Course) Tel: 305-761-2993