Quantcast

Mortgage Grapevine

Is there any lender that will let a broker close a loan in Fl without being Lisc in that state


by palmetto1 January 23, 2008 12:00 AM


or just call Wachovia and let her rip.
by TennesseeTuxedo January 23, 2008 12:00 AM


I can do it


Trevor Scott
Wachovia Wholesale
trevor.scott@wachovia.com
561-714-2311

Ask me about my Stated Wage earner and Stated Retiree
by jamroks January 23, 2008 12:00 AM


I can do it


Trevor Scott
Wachovia Wholesale
trevor.scott@wachovia.com
561-714-2311

Ask me about my Stated Wage earner and Stated Retiree
by jamroks January 23, 2008 12:00 AM


I sure hope not.
by Just a broker January 23, 2008 12:00 AM


I haven´t been able to find the diminimous exemtpion anywhere in Florida´s CHP 494. Florida law is cut n´ dried:

494.0025 Prohibited practices.--It is unlawful for any person:

(8) To pay a fee or commission in any mortgage loan transaction to any person or entity other than a mortgage brokerage business, mortgage lender, or correspondent mortgage lender, operating under an active license, or a person exempt from licensure under this chapter.

Perhaps there is such an exemption in another Chapter; but if so it doesn´t show up in 494:

494.006 Exemptions.--

(1) None of the following persons are subject to the requirements of ss. 494.006-494.0077 in order to act as a mortgage lender or correspondent mortgage lender:

(a) A state or federal chartered bank, trust company, savings and loan association, savings bank or credit union, bank holding company regulated under the laws of any state or the United States, or insurance company if the insurance company is duly licensed in this state.

(b) Any person acting in a fiduciary capacity conferred by authority of any court.

(c) A wholly owned bank holding company subsidiary or a wholly owned savings and loan association holding company subsidiary that is formed and regulated under the laws of any state or the United States and that is approved or certified by the Department of Housing and Urban Development, the Veterans Administration, the Government National Mortgage Association, the Federal National Mortgage Association, or the Federal Home Loan Mortgage Corporation.

(d) Any person who, as a seller of his or her own real property, receives one or more mortgages in a purchase money transaction.

(e) Any person who receives a mortgage as security for an obligation arising out of materials furnished or as services rendered by the person in the improvement of the real property.

(f) Any person who makes only nonresidential mortgage loans and sells loans only to institutional investors.

(g) The Federal National Mortgage Association; the Federal Home Loan Mortgage Corporation; an agency of the Federal Government; any state, county, or municipal government; or any quasi-governmental agency that acts in such capacity under the specific authority of the laws of any state or the United States.

(h) A consumer finance company licensed pursuant to chapter 516 as of October 1, 1991.

(i) Any person making or acquiring a mortgage loan with his or her own funds for his or her own investment, and who does not hold himself or herself out to the public, in any manner, as being in the mortgage lending business.

(j) Any person selling a mortgage that was made or purchased with that person´s funds for his or her own investment, and who does not hold himself or herself out to the public, in any manner, as being in the mortgage lending business.

(k) Any person who acts solely under contract and as an agent for federal, state, or municipal agencies in the servicing of mortgage loans.

(2)(a) A natural person employed by a mortgage lender or correspondent mortgage lender licensed under ss. 494.001-494.0077 is exempt from the licensure requirements of ss. 494.001-494.0077 when acting within the scope of employment with the licensee.

(b) A corporation that is in existence on October 1, 1991, and that is a wholly owned subsidiary of a consumer finance company licensed pursuant to chapter 516 on October 1, 1991, is not required to be licensed under ss. 494.006-494.0077 in order to act as a mortgage lender or a correspondent mortgage lender.

(3) It is unnecessary to negate any of the exemptions provided in ss. 494.001-494.0077 in any complaint, information, indictment, or other writ or proceeding brought under ss. 494.001-494.0077. The burden of establishing the right to any exemption is upon the party claiming the benefit of the exemption.


Just curious how Wachovia could pay a commission to an unlicensed non-employee.
by Deep River January 23, 2008 12:00 AM


I´m just curious as to where in Florida´s Statutes I can find the Diminimous Exemption.
by Deep River January 23, 2008 12:00 AM


OJ, it´s not about one being more qualified, it´s the law... in that you chose the screen name that you did, it appears you don´t give a flip about the law.

Deep River, there is no exemption.

by Just a broker January 23, 2008 12:00 AM


i think the loophole works as follows:

wachovia/world are or are affiliated with a federally chartered bank which allows them to act as lender.

i could be wrong.....

palmetto let me know if you need a good fl broker.
by LoneSlinger January 23, 2008 12:00 AM


World/Wachovia has allowed this for years. They are not the ones whos @## is on the line if you get caught.
by bmcfedries January 23, 2008 12:00 AM


When you get a list of people that say than can do this compiled, be sure to call the FL entity in charge of mortgage licensing. They will have a list of approved cobrokers and you can compare your list to theirs. It works everytime. Just tell them you have a list of lenders willing to do this and they will be more than helpfull.


Nationally chartered banks are exempt from individual state statute [genreally]. Many states are hurrying to change that right now. It´s easy to get a federal charter. By the time investigations can be started the profit is made and the damage is done.


They are a new blight. Nothing has changed except they have awakened to the fact that they can strip mine and bail....
by turdly January 23, 2008 12:00 AM


Wachovia is a Federral charted bank, which means they are empt from state licensure under FL Chp 494.006 1(a) and (c).

This exemtion extends to employees of the exempt entity. Employees are required to complete CE, background check.

I don´t see how this can be done. JaB and I are of the same mind.
by Deep River January 23, 2008 12:00 AM


Exempt, Exemption.

Yes I can spell
by Deep River January 23, 2008 12:00 AM


Most state laws are written to favor banks over brokers. It is possible to banker a loan in many states that have individual state licensing but it is not legal to broker that loan in that state. This applies to Texas, Nevada, Florida and many others.
by SUNMAGS January 23, 2008 12:00 AM


Reply

Username:
Password:
(No password? Register here)
Message:
(Don't be a nuisance.  Please avoid offensive language.  Advertisements are not allowed.)


Already a subscriber? Log in here
Please note you must now log in with your email address and password.