494.00331 Loan originator employment.
494.00331 Loan originator employment.
(1) An individual may not act as a loan originator unless he or she is an employee of, or an independent contractor for, a mortgage broker or a mortgage lender, and may not be employed by or contract with more than one mortgage broker or mortgage lender, or either simultaneously. However, this provision does not apply to any licensed loan originator who acts solely as a loan processor and contracts with more than one mortgage broker or mortgage lender, or either simultaneously.
(2) For purposes of this section, the term “loan processor” means an individual who is licensed as a loan originator who engages only in:
(a) The receipt, collection, distribution, and analysis of information common for the processing or underwriting of a residential mortgage loan; or
(b) Communication with consumers to obtain the information necessary for the processing or underwriting of a loan, to the extent that such communication does not include offering or negotiating loan rates or terms or does not include counseling consumers about residential mortgage loan rates or terms.
(3) A person may not act as a loan processor unless the person is licensed as a loan originator under this chapter and has on file with the office a declaration of intent to engage solely in loan processing. The declaration of intent must be on such form as prescribed by the commission by rule.
(4) A loan originator that currently has a declaration of intent to engage solely in loan processing on file with the office may withdraw his or her declaration of intent to engage solely in loan processing. The withdrawal of declaration of intent must 1be on such form as prescribed by commission rule.
(5) A declaration of intent or a withdrawal of declaration of intent is effective upon receipt by the office.
(6) The fee earned by a loan processor may be paid to the company that employs the loan processor without violating the restriction in s. 494.0025(7) requiring fees or commissions to be paid to a licensed mortgage broker or mortgage lender or a person exempt from licensure under this chapter.
History. s. 11, ch. 95-313; s. 11, ch. 99-213; s. 30, ch. 2009-241; s. 2, ch. 2010-67.
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Note. The word “be” was inserted by the editors.