Florida Loan Originator Act Overview

Title XXXIII, Chapter 494

Florida's licensing law for mortgage lending institutions that are not traditional depository and lending institutions.

General provisions as they apply to mortgage professionals.

<p>The Florida laws applicable to mortgage brokers and loan originators.</p> Signup and view all the answers

<p>Mortgage lenders and regulation of mortgage loan originators.</p> Signup and view all the answers

<p>The S.A.F.E. Act</p> Signup and view all the answers

<p>Chapter 120 of the Florida Statutes</p> Signup and view all the answers

<p>To protect mortgage loan applicants from coercion by a lender.</p> Signup and view all the answers

<p>Their rights regarding the purchase of insurance.</p> Signup and view all the answers

<p>Requirements regarding the adequacy of the insurance coverage needed.</p> Signup and view all the answers

<p>Signed by the borrower and retained by the lender.</p> Signup and view all the answers

<p>Credit Insurance, Hazard Insurance, and Mortgage Protection Insurance.</p> Signup and view all the answers

<p>A person obligated to repay a mortgage loan.</p> Signup and view all the answers

<p>The licensed loan originator in charge of the operation of the branch office.</p> Signup and view all the answers

<p>A location, other than the principal place of business, where mortgage loans are handled.</p> Signup and view all the answers

<p>The Financial Services Commission.</p> Signup and view all the answers

<p>An individual or organization that directs the management or policies of a company.</p> Signup and view all the answers

<p>Executive officers, shareholders, and general partners with significant ownership.</p> Signup and view all the answers

<p>A report prepared in connection with a financial audit by a certified public accountant.</p> Signup and view all the answers

<p>Financial statements and an opinion on their conformity with generally accepted accounting principles.</p> Signup and view all the answers

<p>A business entity that invests in mortgage loans.</p> Signup and view all the answers

<p>An individual who solicits or offers to solicit a mortgage loan.</p> Signup and view all the answers

<p>Being employed by more than one mortgage broker/lender at the same time.</p> Signup and view all the answers

<p>The actual amount of the third party charge.</p> Signup and view all the answers

<p>A statement by the lender setting the terms for a mortgage loan.</p> Signup and view all the answers

<p>A modification to an existing loan, not including a refinancing transaction.</p> Signup and view all the answers

<p>Within 3 business days after signing the agreement.</p> Signup and view all the answers

<p>Total compensation received by a mortgage broker acting as a loan originator.</p> Signup and view all the answers

<p>An agreement that guarantees a specified interest rate for a certain period.</p> Signup and view all the answers

<p>Closing a mortgage loan, advancing funds, or committing funds to an applicant.</p> Signup and view all the answers

<p>A change important to a reasonable borrower in making a decision.</p> Signup and view all the answers

<p>Submission of a borrower's financial information in anticipation of a credit decision.</p> Signup and view all the answers

<p>Makes or services mortgage loans for others.</p> Signup and view all the answers

<p>Authorizing a mortgage lender to service a loan for more than 4 months.</p> Signup and view all the answers

<p>A person conducting loan originator activities through licensed originators.</p> Signup and view all the answers

<p>Within 3 days after receipt of a loan application.</p> Signup and view all the answers

<p>The loan is valid, but the loan originator violated the law.</p> Signup and view all the answers

<p>Total assets minus total liabilities.</p> Signup and view all the answers

<p>The licensed loan originator responsible for the operation of a mortgage company.</p> Signup and view all the answers

<p>A mortgage lender's primary business office.</p> Signup and view all the answers

<p>Broker fee, Closing Fee, YSP (borrower credit).</p> Signup and view all the answers

<p>Lower the fee amount by forfeiting a portion of the broker's commission.</p> Signup and view all the answers

<p>An MLO employed by a depository institution and registered with the NMLS.</p> Signup and view all the answers

<p>The mortgage licensing system for loan originators.</p> Signup and view all the answers

<p>Family members by blood or adoption, including spouses and children.</p> Signup and view all the answers

<p>Licensure when acting as an employee of a depository institution.</p> Signup and view all the answers

<p>Authorization for a mortgage lender to service a loan for more than four months.</p> Signup and view all the answers

<p>Receiving or transferring installment payments of principal and interest.</p> Signup and view all the answers

<p>Someone who owns or controls an ownership interest in a business organization.</p> Signup and view all the answers

<p>Residential loan secured by a mortgage or loan on commercial real property.</p> Signup and view all the answers

<p>Any entity directly controlling or controlled by the license applicant.</p> Signup and view all the answers

<p>A person who owns or controls an ownership interest in a business organization.</p> Signup and view all the answers

<p>The increase of predatory lending in the state.</p> Signup and view all the answers

<p>Specific lending terms and practices characteristic of predatory loans.</p> Signup and view all the answers

<p>What property qualifies for a tax exemption and how to obtain it.</p> Signup and view all the answers

<p>Florida residents who hold title to a qualifying property.</p> Signup and view all the answers

<p>Rental Property</p> Signup and view all the answers

<p>Increase in assessed value of properties with the Homestead Exemption.</p> Signup and view all the answers

<p>Through fees for license applications.</p> Signup and view all the answers