No, we are not aware of any special considerations regarding your bank’s Florida-based mortgage loan originators, provided they are registered with the Nationwide Mortgage Licensing System (NMLS). In Florida, like in Illinois and every other state, a mortgage loan originator who is a bank employee and is registered with the NMLS is not required to obtain a state-issued license.

The federal Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) requires states to set up mortgage licensing programs, but it exempts bank employees from state licensing requirements for mortgage loan originators, provided they are registered with the NMLS.

For resources related to our guidance, please see:

• SAFE Act regulations, 12 CFR 1008.103(e)(5) (“A state is not required to impose the prohibitions required under paragraphs (a) and (d) of this section on the following individuals: . . . An individual who is lawfully registered with, and maintains a unique identifier through, the Nationwide Mortgage Licensing System and Registry, and who is an employee of a covered financial institution, as that term is defined in 12 CFR part 1007.”)

• SAFE Act regulations, 12 CFR 1007.102 (“Covered financial institution means any national bank, member bank, insured state nonmember bank, savings association, Farm Credit System institution, or federally insured credit union as any such term is defined in § 1007.101(c)(1). Covered financial institution also includes a non-federally insured credit union that registers subject to the conditions of § 1007.101(c)(3).”)

• Illinois Residential Mortgage License Act of 1987, 205 ILCS 635/1-3(a) (“No provision of this Act shall apply to an exempt person or entity as defined in items (1) and (1.5) of subsection (d) of Section 1-4 of this Act.”)

• Illinois Residential Mortgage License Act of 1987, 205 ILCS 635/1-4(d)(1) (“‘Exempt person or entity’ shall mean the following: (1) . . . any national bank, federally chartered savings and loan association, federal savings bank, federal credit union; . . . any bank, savings and loan association, savings bank, or credit union organized under the laws of this or any other state; . . .”)

• Illinois Residential Mortgage License Act of 1987, 205 ILCS 635/1-4(d)(1.5) (“Any employee of a person or entity mentioned in item (1) of this subsection, when acting for such person or entity, or any registered mortgage loan originator when acting for an entity described in subsection (tt) of this Section.”)

• NMLS Resource Center, Florida Mortgage Loan Originator License (see also, FSA 494.00015(1))  (“Who does not need this license?

(a) Any person operating exclusively as a registered loan originator in accordance with the S.A.F.E. Mortgage Licensing Act of 2008.

(b) A depository institution; subsidiaries that are owned and controlled by a depository institution and regulated by the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the Director of the Office of Thrift Supervision, the National Credit Union Administration, or the Federal Deposit Insurance Corporation; or institutions regulated by the Farm Credit Administration. . . .”)

• SAFE Act, 12 USC 5102(8) (“The term ‘registered loan originator’ means any individual who—(A) meets the definition of loan originator and is an employee of— (i) a depository institution; . . . and (B) is registered with, and maintains a unique identifier through, the Nationwide Mortgage Licensing System and Registry.”)
   
• NMLS Resource Center, Frequently Asked Questions (“Q. What is the difference between a state license and federal registration? Mortgage loan originators employed by state-licensed companies are generally required to hold a state license to conduct business in that state. Mortgage loan originators employed by banks, credit unions, and other federally regulated depository institutions must be federally registered in order to conduct business, and that registration is not limited to a particular state.”)