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Mission Statement: The Florida Association of Mortgage Professionals' mission is to advance the mortgage broker profession through advocacy, education, and ethical practice.
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FAMB/FAMP MIAMI CHAPTER'S
TRADE SHOW MAY 12, 2010
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NEW LOCATION IN THE HEART OF MIAMI LAKES
Don Shula's Hotel & Golf Club
6842 Main Street
Miami Lakes, FL 33014
$8,000 Tax Credit
TALLAHASSEE, Fla. - July 8, 2009 Trying to get the $8,000 tax credit down payment loan to help a homebuyer? Local officials charged with administering the SHIP (State Housing Initiatives Partnership) program and, by extension, the Florida Homebuyer Opportunity Program's (FLHOP) $8,000 tax credit bridge loan peppered state officials with questions yesterday in a conference call.
On the positive side, Florida lawmakers decided to offer a bridge loan to first-time homebuyers eligible for the federal government's $8,000 tax credit through an existing state program. That gives the loan program an existing framework and avoids setting up a new system for disbursing money. On the negative side, the FLHOP program rules differ from SHIP rules, and local SHIP officials voiced a number of legal and pragmatic concerns over the new loan program.
In reality, the program likely kicks off on Aug. 1. It became effective July 1, but the funding mechanism for the loans also started July 1 without any money and must rely on current home sales' doc stamp taxes to build the reserve.
In addition, some local SHIP officials may not have everything ready by the Aug. 1 date as they struggle to formalize rules and regulations. Since the Florida program operates as a type of mortgage loan, it comes with rules and caveats like many found in first or second mortgages. While up to $8,000 is advanced without interest or penalties if paid within the first 18 months, for example, loan docs must also address potential problems. "Some (local SHIP officials) are really on top of this and are ready to go," says Stan Fitterman, a member of the Florida Housing Finance Corporation (FHFC). "Others are very leery to start until the check is in the bank."
In yesterday's conference call, many local SHIP officials voiced frustration and confusion. While some of their questions were answered, it became clear that most of the policy decisions must be implemented on the local level.
As a result, Real Estate Professionals who have questions must contact their local SHIP office. To find your local SHIP office, go to: http://apps.floridahousing.org/StandAlone/FHFC_ECM/AppPage_SHIPLGContacts.as
FINANCIAL SERVICES COMMISSION
Office of Financial Regulation
J. Thomas Cardwell
FOR IMMEDIATE RELEASE
New Law Requires All Loan Modifiers To Be Licensed
OFR Commissioner implores Floridians to only use licensed brokers and to never pay an up-front fee CONTACT: Holly Hinson
PHONE NUMBER: (850) 410-9709
TALLAHASSEE, FL – As of midnight, December 31, 2009, any individual or company who provides loan modification services (such as refinancing, adjusting interest rates or
any other such services) must have an active license from the Florida Office of Financial Regulation (OFR).
Click here for more information...
New Mortgage Licensing Legislation
Florida's legislature passed legislation affecting Mortgage Loan Originators and mortgage lending. The most significant of these is SB 2226, an almost complete rewrite of the current law outlining the duties and responsibilities of Loan Originators. There are several controversial portions of SB 2226:
• It gives Florida mortgage regulators the right the request a copy of each mortgage licensee's Credit Report and use it as a possible reason for denial of issuing or reissuing a Loan Originator license.
• It makes each mortgage licensee's ... yours and my ... credit report an open part of Florida's public records available for all to see.
• It increases the amount of equity required for a Correspondent Lender to obtain or retain their correspondent lending license.
• It mandates state licensing and annual license renewal for all Loan Originators currently working for Mortgage Brokerage Businesses, Mortgage Lenders, and Correspondent Lenders.
• It mandates state licensing and annual license renewal for Loan Processors who currently work for Mortgage Brokerage Businesses, Mortgage Lenders and Correspondent Lenders.