Question: Who should get their Florida Mortgage Broker License prior to October 1, 2010?
Answer: Anyone who wishes to originate Florida Mortgage Loans. In addition, all unlicensed loan originators who are currently employed by Correspondent Lender or Mortgage Lender and wish to avoid delays during the transition to the Nationwide Mortgage Licensing System (NMLS) should get licensed as a Mortgage Broker immediately.
Question: But why do I need to have 2 Licenses the (Florida Mortgage Broker) & (NMLS-Loan Originator License)?
Answer: By having your Mortgage Broker License prior to October 1, 2010 you will have a Grace Period of Employment through 2011 while the NMLS starts to process all the new Loan Originator Applications. The Grace Period or Grandfather period will only be given to those agents who were licensed as Mortgage Brokers prior to October 1, 2010. After this date everyone else will have to go through an unemployed waiting period of 4-8 months while the NMLS processes all the new Loan Originator license applications. By having your Mortgage Broker License while going through this transition period you will continue to be eligible to originate loans in Florida through 2011.
Question: Who must get their Florida Mortgage Broker License thru the (NMLS) after to October 1, 2010?
Answer: Anyone who wishes to originate Florida Mortgage Loans. In addition, all unlicensed loan originators who are employed by Correspondent Lender or Mortgage Lender must get a new Loan Originator license through the Nationwide Mortgage Licensing System (NMLS).
