FL S1316

Establishes definitions for "contract loan processor" (independent contractor licensed as loan originator), "in-house loan processor" (employee engaging only in loan processing), and "loan processing" (receiving, collecting, distributing information or communicating with consumers without negotiating rates or terms).

Removes loan processing from the definition of "loan originator" activities, clarifying that loan originators do not process loans.

Allows contract loan processors to work for multiple mortgage brokers or lenders simultaneously if they file a declaration of intent with the office; requires in-house loan processors to be employees of a single mortgage broker or lender and work under loan originator supervision.

Exempts real estate brokers licensed under Florida law from mortgage loan regulation unless they are compensated by lenders, mortgage brokers, or their agents.

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