"The Legislature is a funny place," said Terry Straub, finance director for the Office of Financial Regulation.
The passage of the SAFE Act had more impact on the changes proposed by his
said, but the newspaper stories drove home the consequences of lax regulation and enforcement.
For Straub, the state regulator, the most significant change is the annual background check requirement.
Now, mortgage originators need only renew their license every two years.
"All they had to do was provide proof they met annual education requirements and they were good to go," Straub
If adopted, the new procedures for regulating mortgage originators will be more time-consuming for regulators, who will have to collect fingerprints, submit them to to the FBI
and Florida Department of Law Enforcement
and review the reports that come back.
expects to need seven more people to handle the work.
He also said it will cost about $500,000 for Florida to join the Nationwide Mortgage Licensing System.