Loan originators in the Sunshine State have been granted more time to complete their applications under the Nationwide Mortgage Licensing System.
Word of the extension came Wednesday in a news release from the Florida Office of Financial Regulation.
According to the state, the date for active licensees to complete the NMLS registration process was extended from Dec. 31 to March 31, 2011. NMLA license applications, however, must be submitted by Dec. 31.
“The Office of Financial Regulation understands that the current economy has been challenging for consumers and industry alike,” Tom Cardwell, commissioner of the Office of Financial Regulation, said in the statement. “Our goal is to remain business friendly while also protecting Florida’s consumers. Potential applicants need to apply even during this last week of December.”
The regulator recommends that applicants satisfy all NMLS application requirements well in advance of the March 31 deadline in order to avoid a lapse in the ability to originate.
Current licensees that don’t submit an application by tomorrow will lose their licenses to originate, while applicants who have not completed their applications by March 31 will see their licenses expire.
In June, the state said that more than 39,000 mortgage brokers licensed under the state’s old system were expected to submit re-applications. Another 7,000 businesses and lenders were also expected to submit re-applications.
More information about Florida licenses is available at www.flofr.com.
