Florida Regulations 69V-40.285: Noninstitutional Investor Funds Account
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All money received by a mortgage lender from a noninstitutional investor for disbursement at a mortgage loan closing shall be recorded and updated on Form OFR-494-12 or on a format which is substantially similar to Form OFR-494-12. Form OFR-494-12 is incorporated by reference in subsection 69V-40.002(1), F.A.C.
Rulemaking Authority Florida Statutes § 494.00611(4). Law Implemented 494.00255(1)(a) FS. History-New 8-24-92, Amended 7-25-96, 12-12-99, Formerly 3D-40.285, Amended 3-23-08, 10-1-10.
Rulemaking Authority Florida Statutes § 494.00611(4). Law Implemented 494.00255(1)(a) FS. History-New 8-24-92, Amended 7-25-96, 12-12-99, Formerly 3D-40.285, Amended 3-23-08, 10-1-10.
Terms Used In Florida Regulations 69V-40.285
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC