October 20, 2020
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       Florida Senate - 2010                                    SB 2548
       
       
       
       By Senator Detert
       
       
       
       
       23-01844A-10                                          20102548__
    1                        A bill to be entitled                      
    2         An act relating to loan origination; amending s.
    3         494.00255, F.S.; reenacting a reference to certain
    4         federal laws for purposes of incorporating rules
    5         adopted under such laws; specifying application of
    6         disciplinary procedures to principal loan originators
    7         for actions of loan originators; amending s.
    8         494.00331, F.S.; specifying nonapplication of certain
    9         limitations to licensed loan originators operating
   10         solely as loan processors; providing a definition;
   11         prohibiting acting as a loan processor unless licensed
   12         as a loan originator; requiring a declaration of
   13         intent to engage solely in loan processing;
   14         authorizing withdrawal of a declaration of intent;
   15         authorizing payment of a loan processor’s fee without
   16         violating certain restrictions; amending s. 494.0038,
   17         F.S.; revising requirements relating to a good faith
   18         estimate by a loan originator; requiring a disclosure
   19         document to be signed and dated by the borrower;
   20         providing an effective date.
   21  
   22  Be It Enacted by the Legislature of the State of Florida:
   23  
   24         Section 1. Paragraph (m) of subsection (1) of section
   25  494.00255, Florida Statutes, is reenacted, and subsection (5) of
   26  that section is amended, to read:
   27         494.00255 Administrative penalties and fines; license
   28  violations.—
   29         (1) Each of the following acts constitutes a ground for
   30  which the disciplinary actions specified in subsection (2) may
   31  be taken against a person licensed or required to be licensed
   32  under part II or part III of this chapter:
   33         (m) In any mortgage transaction, violating any provision of
   34  the federal Real Estate Settlement Procedures Act, as amended,
   35  12 U.S.C. ss. 2601 et seq.; the federal Truth in Lending Act, as
   36  amended, 15 U.S.C. ss. 1601 et seq.; or any regulations adopted
   37  under such acts.
   38         (5) A principal loan originator of a mortgage lender is
   39  subject to the disciplinary actions specified in subsection (2)
   40  for violations of subsection (1) by a loan originator an
   41  associate of a mortgage lender if there is a pattern of repeated
   42  violations by the loan originator associate or if the principal
   43  loan originator has knowledge of the violations.
   44         Section 2. Section 494.00331, Florida Statutes, as amended
   45  by chapter 2009-241, Laws of Florida, is amended to read:
   46         494.00331 Loan originator employment.—
   47         (1) An individual may not act as a loan originator unless
   48  he or she is an employee of, or an independent contractor for, a
   49  mortgage broker or a mortgage lender, and may not be employed by
   50  or contract with more than one mortgage broker or mortgage
   51  lender, or either simultaneously. However, this provision does
   52  not apply to any licensed loan originator who acts solely as a
   53  loan processor and contracts with more than one mortgage broker
   54  or mortgage lender, or either simultaneously.
   55         (2) For purposes of this section, the term “loan processor”
   56  means an individual who is licensed as a loan originator who
   57  engages only in:
   58         (a) The receipt, collection, distribution, and analysis of
   59  information common for the processing or underwriting of a
   60  residential mortgage loan; or
   61         (b) Communication with consumers to obtain the information
   62  necessary for the processing or underwriting of a loan, to the
   63  extent that such communication does not include offering or
   64  negotiating loan rates or terms or does not include counseling
   65  consumers about residential mortgage loan rates or terms.
   66         (3) A person may not act as a loan processor unless the
   67  person is licensed as a loan originator under this chapter and
   68  has on file with the office a declaration of intent to engage
   69  solely in loan processing. The declaration of intent must be on
   70  such form as prescribed by the commission by rule.
   71         (4) A loan originator that currently has a declaration of
   72  intent to engage solely in loan processing on file with the
   73  office may withdraw his or her declaration of intent to engage
   74  solely in loan processing. The withdrawal of declaration of
   75  intent must on such form as prescribed by commission rule.
   76         (5) A declaration of intent or a withdrawal of declaration
   77  of intent is effective upon receipt by the office.
   78         (6) The fee earned by a loan processor may be paid to the
   79  company that employs the loan processor without violating the
   80  restriction in s. 494.0025(7) requiring fees or commissions to
   81  be paid to a licensed mortgage broker or mortgage lender or a
   82  person exempt from licensure under this chapter.
   83         Section 3. Paragraph (c) of subsection (3) of section
   84  494.0038, Florida Statutes, as amended by chapter 2009-241, Laws
   85  of Florida, is amended to read:
   86         494.0038 Loan origination and mortgage broker fees and
   87  disclosures.—
   88         (3) At the time a written mortgage broker agreement is
   89  signed by the borrower or forwarded to the borrower for
   90  signature, or at the time the mortgage broker business accepts
   91  an application fee, credit report fee, property appraisal fee,
   92  or any other third-party fee, but at least 3 business days
   93  before execution of the closing or settlement statement, the
   94  mortgage broker shall disclose in writing to any applicant for a
   95  mortgage loan the following information:
   96         (c) A good faith estimate, signed and dated by the
   97  borrower, which discloses the total amount of each of the fees
   98  the borrower may reasonably expect to pay if the loan is closed,
   99  including, but not limited to, fees earned by the mortgage
  100  broker, lender fees, third-party fees, and official fees,
  101  together with the terms and conditions for obtaining a refund of
  102  such fees, if any.
  103         1. Any amount collected in excess of the actual cost shall
  104  be returned within 60 days after rejection, withdrawal, or
  105  closing.
  106         2. At the time a The good faith estimate is provided to the
  107  borrower, the loan originator must identify in writing the
  108  recipient of all payments charged the borrower, which and,
  109  except for all fees to be received by the mortgage broker, may
  110  be disclosed in generic terms, such as, but not limited to, paid
  111  to lender, appraiser, officials, title company, or any other
  112  third-party service provider. This requirement does not supplant
  113  or is not a substitute for the written mortgage broker agreement
  114  described in subsection (1). The disclosure required under this
  115  subparagraph must be signed and dated by the borrower.
  116         Section 4. This act shall take effect October 1, 2010.

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