Posted by Don Wilson on March 11, 2003 at 18:34:34:
In Reply to: Avoiding mortgage broker license posted by Glen on February 28, 2002 at 19:57:55:
Florida Rules Regulating Mortgage Brokerage
3D-40.290 Acts Requiring Licensure as a Mortgage Broker, Mortgage Brokerage Business, Mortgage Lender, or Correspondent Mortgage Lender.
(1) A person shall not be deemed to be acting as a mortgage broker pursuant to s. 494.001(2), F.S., or to be acting as a correspondent mortgage lender or a mortgage lender pursuant to s. 494.001(1), (3), F.S., for:
(a) purchasing or offering to purchase a mortgage loan from a member of the general public.
(b) Selling or offering to sell a mortgage loan to an institutional investor.
(c) Negotiating or offering to negotiate the purchase or sale of a mortgage loan to an institutional investor.
(2) The phrase "holds himself out to the public in any manner" in s. 494.006(1)(h) and (i) means that any person who does any of the following, but not limited to, is not exempt from mortgage lender or correspondent mortgage lender license or correspondent mortgage lender license requirments:
(a) Is a business entity which makes, sells, or offers to sell, mortgage loans to noninstitutional investors;
(b) Is employed or associated with a business where mortgage lending or mortgage brokering services may be received;
(c) Has placed himself in a position where he is likely to come into contact with borrowers or investors or buyers or sellers of mortgage loans;
(d) Advertises, related to mrotgage loans, by soliciting for borrowers, lenders or purchasers in a telephone directory;
(e) Advertises in newspapers, magazines, or the like in a manner which would lead the reader to believe the person was in the business of buying, making or selling mortgage loans. For example, placing advertisement which states "I buy and sell mortgages" would lead the public to believe the person was in the mortgage lending business; or
(f) Solicits in a manner which would lead the reader to believe the person was in the business of buying, making or selling mortgage loans.