Florida Statutes 494.00721 – Net worth
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Terms Used In Florida Statutes 494.00721
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage lender: means a person making a mortgage loan or servicing a mortgage loan for others, or, for compensation or gain, directly or indirectly, selling or offering to sell a mortgage loan to a noninstitutional investor. See Florida Statutes 494.001
- Net worth: means total assets minus total liabilities pursuant to United States generally accepted accounting principles. See Florida Statutes 494.001
- Office: means the Office of Financial Regulation. See Florida Statutes 494.001
(1) The net worth requirements in s. 494.00611 shall be continually maintained as a condition of licensure.
(2) If a mortgage lender fails to satisfy the net worth requirements, the mortgage lender shall immediately cease taking any new mortgage loan applications. Thereafter, the mortgage lender shall have up to 60 days within which to satisfy the net worth requirements. If the licensee makes the office aware, prior to an examination, that the licensee no longer meets the net worth requirements, the mortgage lender shall have 120 days within which to satisfy the net worth requirements. A mortgage lender may not resume acting as a mortgage lender without written authorization from the office, which authorization shall be granted if the mortgage lender provides the office with documentation which satisfies the requirements of s. 494.00611, whichever is applicable.
(3) If the mortgage lender does not satisfy the net worth requirements within 120 days, the license of the mortgage lender shall be deemed to be relinquished and canceled and all servicing contracts shall be disposed of in a timely manner by the mortgage lender.