This 1-hour course on Florida laws and regulations fulfills the state elective requirement for annual license renewal for residential mortgage loan originators. Licensed MLOs in the state must take 8 hours of continuing education each year, with 3 hours being dedicated to Federal law, 2 hours on ethics, 2 hours on non-traditional mortgage lending, and 1 hour of state-specific defined electives.

Topics included in this 1-hour class are as follows:

  • Compliance filings (MCR, Financial Condition, and Audited Financial Statements)
  • Examinations and Audits
  • Records, Financial Statements and Reports
  • Net Worth Requirements
  • Escrow and Trust Accounts
  • Disclosures and Advertising
  • Conditions and Limitations of Certain Mortgage Transactions
  • Residential Mortgage Loans
  • Enforcement
  • Investigation of Violations and Unsafe Practices; Remedial Action
  • Disciplinary and Other Actions
  • Prohibited Acts; Penalties
  • Declaration of Intent to Engage Solely in Loan Processing [Chapter 494.00331, Florida Statutes. Fla. Admin. Code R. 69V-40.0331]

We will start the class with a look at several recent changes to rules and laws, including those related to enhanced regulation of residential mortgages and “business-purpose” loans, as well as the Florida State Homestead Property Tax Exemption.

We will then present an overview of the regulatory structure governing MLOs, including the state and federal SAFE Acts and the Florida Office of Financial Regulation (FL-OFR). The OFR is responsible for oversight of residential mortgage loan originators in Florida. The agency also works with federal regulators and the NMLS to create uniform application of federal lending practices.

We will then look at state-specific requirements for mortgage lending in Florida, such as conditions and limitations on certain mortgage transactions, the general provisions of the Mortgage Guaranty Trust Fund, and compliance filings ((MCR, Financial Condition, and Audited Financial Statements). Class concludes with a review of prohibited practices, penalties, and the various ways the state enforces proper conduct in the financial services industry.

To promote comprehension, students will complete a 5-question quiz and short activity after each module. A 15-question final exam will wrap up the course.

  • Course ID(s): 16205
  • Approved By: NMLS

Instructor Bio

Mary Tillery real estate atyourpaceonline instructor

Mary Tillery is the instructor for all of our MLO continuing education courses. She has been sharing her expertise with fellow mortgage loan originators for more than 35 years as a lending educator. Learn more about Mary’s background here.