Posted on Wednesday, December 8, 2010
Thousands of Florida mortgage brokers will be out of work after Dec. 31.
That's the deadline for seeking new loan originator licenses under the Nationwide Mortgage Licensing System.
The state Office of Financial Regulation said Tuesday it had gotten only 10,308 applications as of Dec. 1 although nearly 43,000 mortgage brokers currently are licensed.
Brokers whose applications are received on or before Dec. 31 can keep working while they are processed. Those who miss the deadline can't legally work in the mortgage industry until they get a new license. That could take more than three months.
The same goes for mortgage companies and branches. Only 995 of nearly 7,000 companies and 727 of more than 3,000 branches had applied by Dec. 1.