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The ""Florida Office of Financial Regulation"":http://www.flofr.com/index.htm (OFR) sent a notice earlier this month to mortgage professionals warning them that they may be out of work at the first of the year if they fail to submit required applications.
The new Nationwide Mortgage Licensing System contains more stringent requirements and all industry licensees including individuals, companies, and branch offices, are required to re-apply under it by no later than December 31, 2010.
[IMAGE] [COLUMN_BREAK]Currently the ORF has records that more than 42,000 licensed mortgage brokers exist in the state, but only 13,500 applications for new certification have been received.
""We have rigorously been reaching out through industry organizations and their communications vehicles, trying to drill down the message and encouraging applicants to apply now so that they can continue to work while their application is being processed,"" said Tom Cardwell, commissioner of OFR.
He continued, ""The longer you wait the more risk you take, and the last thing we want to see is Floridians who are unable to legally continue working in the mortgage industry just because they didn't get their applications in on time.""
Anyone who does not submit an application by the deadline will have to wait to have their application approved before they can legally operate in the state, which may take up to three months.
