How bad is the real estate market in Florida? More than 30,000 mortgage industry professionals appear to be missing in action.
It's impossible to tell whether they are prisoners of the housing war, or simply gone off to that great mortgage office in the sky. But according to the Florida Office of Financial Regulation, with only a month left to submit applications for the Sunshine State's new loan officer license, only 10,000 or so of the 43,000 originators who have the old license have submitted applications.
Under the SAFE Act, all current licensees are required to re-apply for a new certificate via the new Nationwide Mortgage Licensing System. Maybe it's because they can't pass the test, which is stricter than Florida's current exam, or perhaps they are just procrastinators who are waiting until the last minute.
Whatever the case, the state sent out a reminder in the form of a press release advising loan officers that if their applications are not certified as received by the Dec. 31 deadline, they cannot legally continue to work in the field. And they will be unable to work until a new license is approved, which could take more than 90 days. However, if the application is received by the deadline, a licensee can continue working until he or she takes – and passes – the NMLS exam.
