Today the laws for mortgage brokering and lending in the great state of Florida were changed. Chapter 494 F.S. was amended and penalties of $5,000 per offense were added for violations beginning October 1, 2007. There are a number of changes regarding disclosure and other procedures. I’m not going to write about all of the changes here in this article, although I will write about something that I find alarming.
The law has been changed, yet a great number of Florida mortgage brokers/loan officers are unaware of the changes. Virtually every Florida loan originator I talked to outside of my company either didn’t know there was a change, or heard there was a change but didn’t know the details. One of these individuals I spoke to, who didn’t know about the changes to Florida law, was a branch manager for a huge net branch in Florida! This makes no sense to me. This is insane!
OK, anyways, I could type this rant and make it pointless or I could do something about it. Seeing that I’m the owner of a Florida mortgage company and held my own compliance seminar last week, I thought I’d share this forty-minute video to inform any Florida mortgage brokers or loan officers of the changes so they wouldn’t be walking around blind.
Florida Mortgage Compliance Video
Disclaimer: The video is a recording of the compliance seminar I held in my office last week and can’t be relied upon as compliance or any other advice for originators outside of my employ.
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The Florida Mortgage Compliance video link.
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