This is big for our Florida Friends!  Here’s a message from Florida Association of Mortgage Professionals President Richard Peek (thanks for passing this along to me Donnell Smith!):

In-House Loan Processor Bill Signed
by Governor Scott

June 1, 2011

Greetings Fellow Mortgage Professionals:

We have learned that the loan processor bill, SB1316, which was sponsored in the Florida Senate by Senator Nancy Detert and in the Florida House by Representative Ritch Workman has been signed by Governor Scott and will become effective on July 1^st, 2011.  This law removes the requirement for licensure as a mortgage loan originator for in-house processors.  It also addresses the requirement for lenders to complete the call reports mandated under the SAFE Act of 2008.

We want to thank Senator Detert and Representative Workman, both of whom are members of the Florida Association of Mortgage Professionals, for all of the effort they have put forth for Florida’s mortgage professionals.

We suggest that you read the bill to ensure that you are in compliance.  If you need assistance, please be sure to obtain competent advice.

We hope to see you at our annual convention and trade show in Orlando in July.  We will be offering all of the continuing education you will need to satisfy your licensure renewal requirements this year.  For information, please visit our Convention Page on our website at https://m360.famb.org/event.aspx?eventID=22711&instance=0 .

Sincerely,

Richard E. Peek, CRMS

President

The mortgage broker-share of home loan originations hit a new low of 12.9 percent in the third quarter, according to an exclusive survey from National Mortgage News.   The publication said loan originators funded a total of $443 billion in the third quarter, with retail lenders grabbing 48.3 percent of the market share and correspondent lenders accounting for 38.8 percent.    more…  

  THE WORD ON LOAN BROKERS: "A lot of firms have no interest in our broker research," said David Olson who runs Access Research of Columbia, Md. Earlier in the year Access was called Wholesale Access and you can pretty much figure out why he removed the word ‘Wholesale’ from the firm’s name. In an interview with National Mortgage News Mr. Olson said the only large bank wholesaler that still believes in brokers is Wells Fargo. "We’ve been having a debate with Wells," he said. "They think the channel is coming back."  more…  National Mortgage News Online