Mortgage Grapevine
Florida license exemptions for HUD/FNMA lenders...
Question: In Florida do the exemptions of ss. 494.006 1(a) and (c) as of July 2005, authorize HUD/FNMA mortgage lenders to both ORIGINATE and SERVICE Florida mortgages ?
by joworr January 9, 2013 4:18 AM
As you may know, current Florida law no longer contains those exemptions. Current Florida exemptions are listed at 494.00115 in the 2012 version of Florida statutes.
If you are looking for historical information, under the 2005 Florida statutes mortgage lenders, including servicers, weres exempt if they met any of the exemptions in 494.006 (2005 version).
Specifically, the exemptions in 494.006 (2005 version) applied to "mortgage lenders", and the statute defined that term to include loan servicing. See 494.00(4) (2005 version).
by oldbe January 9, 2013 12:24 PM
Corrected typo: Last reference in previous post should be "See 494.001(4) (2005 version)."
by oldbe January 9, 2013 12:27 PM
Very helpful answer, Thanks. Here is the issue - a ny state firm (emc) which kept a ml license in fl in 1996-2000 eventually claimed exemption in late 2000 cos its corporate parent was a HUB/FNMA holdings bank. No license thereafter. Looking at a couple of pages exchange between emc and florida OFR prior to the exemption claim raised a few questions, especially when the OFR analyst says clearly that his reply is not binding on the agency, its just his opinion that emc "may" be exempted under ss 494.006 1(c) in Jul2000. Then a paralegal (not lead counsel) for emc wrote acknowledging the exception. Subsequently OFR certified emc is NOT a licensed lender in Florida. Their ML license shows "TERMINATED" in 2000, but nothing from OFR says emc is actually "EXEMPT". My emc mortgage originated in mid 2005, after other emc corporate changes. Moreover, a forensic audit says "serious" licensing violation! I am therefore peeling back this onion to see whats underneath the FL licensure layer cos there were so many other basic violations elsewhere...
btw, i'll read the ss. 494 sections you cited.Thx.
by joworr January 9, 2013 7:14 PM
So you're saying that you don't want to continue to pay your mortgage? Even though you agreed to?
Is that correct?
by TheKyle January 10, 2013 6:56 AM
