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The Florida real estate market is definitely a buyer's market. Home prices are greatly undervalued and property taxes are lowering than they have been in quite some time. Interest rates have never been lower. It's the perfect time to buy a home in Florida.
Rates on 30-year FRMs increased again to 4.96 percent. Due to QE2 and market volatility, interest rates have been inching upwards.
The below information below is to provide you with information in the mortgage industry that will impact your business or transaction
There have been many Federal bills that have and continue to impact the mortgage industry. One of the most important one is the National Mortgage Licensing System (NMLS). Every Mortgage Loan Originator (MLO or Loan Officer) is now required to be licensed nationally with NMLS and by the individual state to conduct business in that state. As of December 2010, there were over 43,000 loan officers in the State of Florida alone. Any MLO who wants to conduct business in Florida had to register with NMLS. As of December 2010, only about 10,000 have done so. Once a MLO has registered with NMLS, they have until March 31, 2011 to complete the requirements. If a MLO did not register with NMLS on or before December 31, 2010, they are NOT able to originate loans in the State of Florida. If they have registered but have not completed the requirements, they have until March 31, 2011 to do so. If they fail to do so, they are NOT allowed to originate loans in the State of Florida.
Not all MLO’s are created equal. The federal government allows MLO’s at traditional banks to be registered but are not required to complete the requirements, such as training, testing, knowledge of laws, etc.
How can you check to see if the MLO you are working with has met the new standards? NMLS has setup a website just for this. http://www.nmlsconsumeraccess.org/. It’s important that you do this at the beginning of your transaction. Verify with your client, that their MLO is licensed and has the proper education and training.
Every Loan Originator has been aware of this change since January 1, 2010. Those of us with Inlanta Mortgage anticipated and have been proactive with the forthcoming requirements and are fully in compliance with both Federal and State regulations. Professionalism (or lack thereof) is what we believe sets Mortgage Loan Originators apart. We anticipate the nuances and changes in the market. We adapt and overcome obstacles to achieve the same goals as you, which are successful real estate transactions and to build long lasting relationships with clients and referral partners.
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