Florida Senate to re-open 494 with special attention to Commercial Lending and Unlicensed Loan Originators
We told you so. There has been so much abuse regarding the re-branding of residential property into commercial or investment classifications that it now looks like the state is going to close the loop hole. The OFR is tightening up what residential means, tracking it to what RESPA and TILA consider residential. Next, they are looking at those of you who tell us all the time you don’t “hold yourself out” to the public, yet you clearly do. Finally, with these new interpretations, where is your license?
If this news is making you nervous you probably need our services. You can reach us at (800) 656-4584 x103.
We have experience evaluating and advising “commercial lenders” who are in the danger zone.
If you ignore this regulatory and enforcement trend you will find yourself on the wrong end of an audit very soon.
Again, call (800) 656-4584 x103. Let us help you get out of the grey zone and into the safe zone.
Nelson A. Locke, Esq.
Mortgage Industry Compliance Expert
Attorney and Expert Witness
Office (800) 656-4584
Cell (305) 951-2785