What function does the Office of Financial Regulation perform with respect to the mortgage industry?
To insure that the citizens of Florida have access to well-managed and properly operated mortgage providers, the Office is responsible for supervising those who are licensed (or who should be licensed) to do business in the mortgage industry. Mortgage Brokerage Businesses, Lenders and Brokers must apply to the Office and meet certain licensing standards before they may legally offer their services to the public. Monetary fines and civil sanctions can be levied if a person or company is discovered to be operating in Florida without being properly licensed or exempt. After obtaining a license, periodic examinations of the licensee’s operations maybe performed to monitor operating standards to assure compliance with the provisions of the Mortgage Brokerage and Lending Act, Chapter 494 Florida Statutes.
