On August 16, Florida announced via the National Mortgage Licensing System (NMLS) Resource Center that it was adopting the Uniform State Test (UST) for mortgage loan originators. With this announcement, the Florida Office of Financial Regulation became the 53rd state agency to no longer require a second state-specific test component for mortgage originators seeking licensure.
Although not mentioned in the announcement, BakerHostetler’s Financial Services Team has confirmed that, beginning in January 2017, Florida will require two hours of Florida-specific pre-licensing education covering Florida statutes, rules and regulations. Florida will then also require mortgage originators to complete one hour of Florida-specific continuing education annually.
While the Florida education requirements are not intended to increase the number of education hours required, many mortgage originators licensed in multiple states will find that to be the exact effect. These requirements will not impact those originators currently licensed and renewing their license for 2017. However, prior to renewing for 2018, originators must meet the new continuing education requirements. Continue Reading