69V-40.177: Mortgage Brokerage and Lending Transaction Journal
69V-40.265: Mortgage Brokerage and Lending Transaction Journal
PURPOSE AND EFFECT: The proposed rule amendments streamline regulations pertaining to recordkeeping requirements for mortgage loan transactions. Rule 69V-40.177, F.A.C., requires mortgage brokers, and mortgage lenders acting as mortgage brokers, to maintain certain information about each mortgage loan transaction. Rule 69V-40.265, F.A.C., requires the same information for mortgage lenders. To streamline regulations, Rule 69V-40.177, F.A.C., is being repealed and Rule 69V-40.265, F.A.C., is being amended to include mortgage brokers. These rules were identified for amendment as the result of the comprehensive rule review that the Office of Financial Regulation undertook pursuant to Sections 120.74 and 120.745, F.S.
SUBJECT AREA TO BE ADDRESSED: Mortgage Brokerage and Lending Transaction Journal.
RULEMAKING AUTHORITY: 120.695, 494.0016(4) FS.
LAW IMPLEMENTED: 120.695, 494.0016, 494.00255 FS.
IF REQUESTED IN WRITING AND NOT DEEMED UNNECESSARY BY THE AGENCY HEAD, A RULE DEVELOPMENT WORKSHOP WILL BE NOTICED IN THE NEXT AVAILABLE FLORIDA ADMINISTRATIVE WEEKLY.
THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE DEVELOPMENT AND A COPY OF THE PRELIMINARY DRAFT, IF AVAILABLE, IS: Andy Grosmaire, Chief, Bureau of Finance Regulation, (850)410-9848, andy.grosmaire@flofr.com
THE PRELIMINARY TEXT OF THE PROPOSED RULE DEVELOPMENT IS:
69V-40.177 Mortgage Brokerage and Lending Transaction Journal.
(1) Each mortgage brokerage business and lender acting in the capacity of a mortgage brokerage business shall maintain a journal of mortgage brokerage transactions, which shall include, at least, the following information:
(a) Name of applicant;
(b) Date applicant applied for the mortgage loan;
(c) Disposition of the mortgage loan application. The Mortgage Brokerage and Lending Transaction Journal shall indicate the result of the brokerage transaction. The disposition of the case shall be categorized as one of the following: loan funded, loan denied, application withdrawn, or other (with explanation);
(d) Name of lender, if applicable.
(2) The journal shall be maintained in a format which is substantially similar to Form OFR-494-10, Mortgage Brokerage and Lending Transaction Journal.
(3) The Mortgage Brokerage and Lending Transaction Journal shall be maintained in the principal office or in each branch office where mortgage brokerage transactions are originated. The Mortgage Brokerage and Lending Transaction Journal shall be kept current. The failure to initiate an entry to the Mortgage Brokerage and Lending Transaction Journal within seven (7) business days from the date the brokerage transaction is entered into, shall be deemed to be a failure to keep the Mortgage Brokerage and Lending Transaction Journal current.
(4) The penalty for failure to maintain the Mortgage Brokerage and Lending Transaction Journal or to keep the same current (incidental and isolated clerical errors or omissions shall not be considered a violation) shall be the issuance of a notice of noncompliance for a first offense. Any subsequent finding of a violation of this rule during an examination or investigation shall be a fine of $500. The penalty for any intentional violation of this rule shall be a fine of $500 and suspension of the license.
(5) Form OFR-494-10 is incorporated by reference in subsection 69V-40.002(1), F.A.C.
Rulemaking Specific Authority 494.0011(2), 494.0016(4) FS. Law Implemented 120.695, 494.0016, 494.0041 FS. HistoryNew 2-16-92, Amended 7-25-96, 12-12-99, Formerly 3D-40.177, Amended 3-23-08, Repealed________.
69V-40.265 Mortgage Brokerage and Lending Transaction Journal.
(1) Each mortgage broker and mortgage lender shall maintain a Mortgage Brokerage and Lending Transaction Journal, which shall include, at least, the following information:
(a) Name of applicant;
(b) Date applicant applied for the mortgage loan;
(c) Disposition of the mortgage loan application. The journal shall indicate the result of the lending transaction. The disposition of the transaction shall be categorized as one of the following: loan funded, loan denied, or application withdrawn.
(d) Name of lender, if applicable.
(2) The journal shall be maintained on Form OFR-494-10, Mortgage Brokerage and Lending Transaction Journal, or a form substantially similar.
(3) In lieu of maintaining Form OFR-494-10, a each mortgage lender or mortgage broker may maintain the Home Mortgage Disclosure Act loan/application register, Form FR HMDA-LAR, found at 12 C.F.R., part 203, Appendix A (2010) if all lending transactions are recorded on this form. The form is hereby incorporated by reference and may be accessed through the Government Printing Office website http://www.gpoaccess.gov/cfr/.
(4) The Mortgage Brokerage and Lending Transaction Journal shall be maintained in the principal office or in each branch office where the mortgage lender transactions are originated. The Mortgage Brokerage and Lending Journal shall be kept current. The failure to initiate an entry to the Mortgage Brokerage and Lending Transaction Journal within 7 business days from the date the transaction was entered into, shall be deemed to be a failure to keep the Mortgage Brokerage and Lending Transaction Journal current.
(5) through (6) No change.
Rulemaking Authority 494.0016(4) FS. Law Implemented 120.695, 494.0016, 494.00255 FS. HistoryNew 1-10-93, Amended 7-25-96, 12-12-99, Formerly 3D-40.265, Amended 3-23-08, 10-1-10,_________.
