Sounds like a strange title, but if the text of SB 2226 remains unchanged then Florida real estate agents negotiating short sales will have to be licensed as ‘loan originators’. Or at least that’s my take on it. Here’s the language on how a ‘loan originator‘ is defined (in part, with emphasis):
“an individual who, directly or indirectly, solicits or offers to solicit a mortgage loan, accepts or offers to accept an application for a mortgage loan, negotiates or offers to negotiate the terms or conditions of a new or existing mortgage loan on behalf of a borrower or lender, processes a mortgage loan application, or negotiates or offers to negotiate the sale of an existing mortgage loan to a noninstitutional investor for compensation or gain.”
So, if any Florida real estate agents or short sale processing companies in Florida are reading, then send Senator Mike Fasano an email at fasano.mike.web at flsenate.gov and say “Please exempt short sales from the definition of loan originator in SB 2226. Thank you and have a nice day”.
