Florida Mortgage Loan Officer Exam

The Bureau of Regulatory Review reviews applications for ?

licensure and registration from individuals and businesses regulated by the Division and determines if applicants meet minimum qualifications required by statutes.

The Office of Inspector General does what?

Provides the agency with a central point for coordination of and responsibility for activities that promote accountability, integrity, and efficiency in government. The Inspector General serves as the chief internal auditor and directs the agency's internal audit program and conducts internal investigations.

The Division consists of the following functional areas?

Bureau of Finance Regulation Bureau of Money Transmitter Regulation Bureau of Regulatory Review Director's Office - Budget, Fiscal and Technology Unit

The Division is responsible for the administration and enforcement of ?

Chapter 494 of the Florida Statutes (ss. 494.001-494.0077), titled Loan Originators and Mortgage Brokers

The Director of the OFR has a Chief-of-Staff (COS) who reports to them?

Communications Director and OFR's three divisions and an independent bureau: the Division of Finance; the Division of Securities; the Division of Financial Institutions; and the Bureau of Financial Investigations

The Planning and Budget Administrator does what ?

Oversees the agency budget, including coordination of the preparation of the annual Legislative Budget Request. The administrator also monitors the agency's progress during the year related to operating expenditures and performance measurement.

The Director of Legislative and Cabinet Affairs does what ?

Oversees the agency's legislative activities, including advancing its legislative initiatives, responding to requests for bill analyses, and assisting legislators with constituent issues.

The Office may, at intermittent periods, conduct examinations of any licensee or other person under the provisions of the statutes, When conducted out of state the liscensee must pay what?

Travel expenses Per diem at the rate provided by law for up to 30 eight-hour days, per year, for each Office examiner who participates in an examination

Florida Office of Financial Regulation (OFR or the Office) Does what?

oversees all financial institutions in the state of Florida. Within the Office, there are three Divisions

The Division of Finance (the Division) Does what ?

oversees the regulation of non-depository financial services professionals including mortgage loan originators,mortgage brokers, and mortgage lenders, as well as collection agencies, consumer finance companies, retail installment sales, money services businesses and title loan companies.

The Office is required by Florida law to ?

participate in the NMLS and must report all violations of Chapter 494 and disciplinary actions to the NMLS

The Financial Services Commission appoints Who ?

the Director of the OFR, who is the agency head for purposes of final agency action and for all areas delegated to the Director's office

The Commission is comprised of who?

the Governor, the Chief Financial Officer, the Attorney General, and the Agriculture Commissioner

The Financial Services Commission (the Commission) is the agency head of who and the Rulemaking body ?

Florida office of financial regulation

the Commission is required to adopt which following rules as they relate to criminal activity?

Permanent bars for felonies involving fraud, dishonesty, breach of trust, or money laundering A 15-year disqualifying period for felonies involving moral turpitude A seven-year disqualifying period for all other felonies A five-year disqualifying period for misdemeanors involving fraud, dishonesty, or any other act of moral turpitude

The mission of the Office is

Protecting the citizens of Florida by carrying out the banking, securities and financial laws of the state efficiently and effectively and providing regulation of business that promotes the sound growth and development of Florida's economy

The Office of General Counsel does what ?

Provides legal support of the OFR's daily operations and represents the OFR in all administrative and judicial proceedings in administrative forums and courts

The Communications Director does what ?

Responsible for all media relations, internal communications, community relations and outreach.

The OFR's headquarters is located in ?

Tallahassee

What are the the three divisions in the OFR ?

The Division of Finance, the Division of Financial Institutions, and the Division of Securities.

Which forms does the The Commission have the legal authority to require

Uniform Mortgage Lender/Mortgage Broker Form, NMLS Form MU1 Uniform Mortgage Biographical Statement & Consent Form, NMLS Form MU2 Uniform Mortgage Branch Office Form, NMLS Form MU3 Uniform Individual Mortgage License/Registration & Consent Form, NMLS Form MU4 Filing of forms, documents, and fees in accordance with the requirements of the NMLS

The Office may conduct an investigation of any person whenever the Office has reason to believe that ?

a violation of the law has been committed or is about to be committed

In order to help the administration of this law, the Commission has the power to ?

adopt rules and regulations related to the applications, documents and fees associated with the licensing of mortgage professionals

Florida law gives the Commission the authority to ?

adopt rules relating to compliance with the federal S.A.F.E. Mortgage Licensing Act of 2008, including registration through the Nationwide Mortgage Licensing System (NMLS).

The Bureau of Regulatory Review also monitors?

compliance with ongoing licensing compliance filings, amendment filings, and the processing of license and registration renewals.

Chapter 494 permits the Commission to what ?

establish rules barring mortgage professionals from practice in the mortgage field due to criminal charges or certain plea bargains

The Florida Office of Financial Regulation was created by The Florida Office of Financial Regulation was created by ?

section 20.121(3), Florida Statutes

The Division of Financial Institutions is the sector of the Office that regulates what ?

state-chartered financial institutions, including state-chartered commercial banks, credit unions, savings associations, savings banks, credit card banks, non-deposit trust companies, and state-licensed international banking agencies, branch offices, representative offices and administrative offices

The Director, sometimes called "Commissioner Does what ?

supervises, directs, coordinates, and administers all activities of the OFR.

The Office of the Director includes?

the Chief of Staff, the Office of Legal Services, the Inspector General, the Director of Legislative and Cabinet Affairs, the Planning and Budget Administrator, and the Director of Communications