FL H1281

Holds principal loan originators responsible for disciplinary action when loan originators under them commit violations of federal Real Estate Settlement Procedures Act or Truth in Lending Act, if there is a pattern of repeated violations or the principal has knowledge of violations.

Allows licensed loan originators acting solely as loan processors to work for multiple mortgage brokers or lenders simultaneously, provided they file a declaration of intent to engage solely in loan processing with the office.

Defines "loan processor" as a licensed loan originator who only receives and analyzes information for loan processing/underwriting or communicates with consumers to obtain necessary information, without offering, negotiating rates/terms, or providing counseling.

Requires loan originators to provide borrowers with a signed and dated good faith estimate disclosure identifying all payment recipients and the disclosure identifying fees must be signed and dated by the borrower.

Removes the requirement that persons purchasing or acquiring a controlling interest in a mortgage lender licensee must submit an initial licensure application before the purchase or acquisition takes place, effective October 1, 2010.