Regulation Requiring Mortgage Brokers Personal Credit Reports to be Posted with Mortgage Broker License?

Call to Action - Loan Originator Credit Reports Made Public...Call Your Florida Senator Now!


The Florida House and Senate passed a bill (SB 2226) giving the Office of Financial Regulation permission to require individual credit reports to be part of Mortgage Loan Originator licensing and re-licensing requirements. By doing this the credit reports
automatically become part of the public records available for anyone to see.

There was an exemption bill that passed the House, however, its Senate companion (SB 2652) was never heard on the floor and the House bill (HB 7115) was never taken up by the Senate and died in Senate messinging. This bill would have made the credit reports obtained as part of the Mortgage Loan Originator licensing process exempt from public record requirements. Someone in the Florida Senate decided this bill would not be considered this year.

This bill (SB 2652) said that "Credit reports contain personal, financial, and
identifying information. Disclosure of these reports could cause harm to the persons who are the subjects of the credit reports by facilitating identity theft and other
crimes."

The Florida Association of Mortgage Brokers believes there is never a proper time to
expose credit reports; they should never be exposed to public records or to the public in any form.

Here is what you can do:

1. Call Jeff Atwater, President of the Florida Senate (850-487-5100). Ask President Atwater to bring SB 2652 back to the Senate next year without amendment.

2. Call your own Florida Senator and ask them why they feel it appropriate to ever pass a law including credit reports in the licensing process without also passing a law exempting them from public record requirements.

Ask your Senator to call President Atwater and ask him to sponsor SB 2652 next year.

Make your call today and point out your feelings about this horrible omission by the
Florida Senate. Make sure they know an estimated 500,000 florida residents, including loan originators, loan processors, underwriters and more, do not want their personal credit lives exposed to the public.

To find out who your Florida Senator is and to obtain contact information....