FL H0823

Establishes definitions for "contract loan processor" (independent contractor licensed as loan originator), "in-house loan processor" (mortgage broker/lender employee), and "loan processing" (receiving, analyzing, or communicating information for mortgage loan processing).

Allows contract loan processors to work for multiple mortgage brokers or lenders simultaneously if they file a declaration of intent with the office, but restricts in-house loan processors to employment by a single mortgage broker or lender.

Makes mortgage brokers and lenders subject to disciplinary action for violations by their in-house loan processor employees, and makes principal loan originators and branch managers liable for patterns of violations by in-house loan processors.

Requires mortgage lenders to authorize the Nationwide Mortgage Licensing System and Registry to obtain independent credit reports on each control person during license renewal and submit reports of condition as required by the registry.

Updates agency references from Department of Financial Services to Office of Financial Regulation in mortgage broker agreement disclosures and expands commission rulemaking authority to cover parts I, II, and III of the licensing chapter.