Mortgage broker license requirement

Business Editors/Real Estate Writers

TALLAHASSEE, Fla.--(BUSINESS WIRE)--Oct. 22, 2003

Florida Law now requires non-licensed Mortgage Loan Originators, Principal Representatives, and Associates currently working for a licensed Correspondent Mortgage Lender or Banker to complete 14 hours of continuing education every 2 years. Persons described above must have completed their education by August 31, 2004. The Owner or Principal Representative will be held responsible to insure that their loan originators have their 14 hours. A fraudulent representation regarding continuing education could result in license revocation.

Here is a quote from Florida Statutes 494.0064 (b) a licensee shall also submit, as part of the renewal form, certification that during the preceding 2 years the licensee's principal representative, loan originators, and associates have completed the education requirements of FS 494.00295.

To help you to comply with the new law, the FAMB Foundation (with support from the Florida Association of Mortgage Brokers) is offering 14 hours of approved continuing education between now and next August. You can research class names, scheduled dates, and locations covered on the Internet. Go to http://www.famb.com/education.htm

Founded in 1960, the Florida Association of Mortgage Brokers is the nation's oldest professional mortgage broker's association. We are almost 3000 strong and have members all over Florida. FAMB members are dedicated to integrity and service in every transaction. Visit the FAMB web site at http://www.famb.org. The web site allows you to search for an FAMB member in your area. The FAMB Foundation was formed in 2000, to offer educational programs to Mortgage Professionals and Consumers alike. Visit the Foundation Web Site at http://www.famb.com/foundation/foundation.htm