On June 19, 2007, Governor Crist signed into law major changes to the Florida Mortgage Brokerage & Lending Act (Chapter 494 of the Florida statutes).
Beginning October 1, 2007, these amendments will have a very significant impact on the way mortgage business is transacted in Florida.
For example, beginning October 1, 2007, the exact dollar amount of any lender rebate (YSP etc.) received by a broker will have to be disclosed and acknowledged by the borrower at least 3 days prior to closing. A range of fees shown as a percentage on the mortgage loan contract will no longer suffice.
For a further or more detailed explanation, please do not hesitate to contact Glenn Ginsburg, your Bonita Springs Florida real estate Broker.