Add-A-State@Mortgage License Mall http://www.thomas-law.com
presents a free mortgage license newsletter VOL. V containing recent developments of mortgage licenses in the 50 states	Providing mortgage professionals with FREE access to cost saving prospecting, officing, communications, origination and processing tools. Offering mortgage brokers and originators point-of-sale loan selection and conditional approval tools.
This Edition features: Mortgage Broker/Lender News Headlines as of 4/28/2000 ( click headline for explanation) for the following states:
WEST VIRGINIA: New 1st Mortgage Broker/Lender License Required effective 7-1- 2000; 10 year term restriction on WV 2nd Mortgages Eliminated (Text of Act- Enrolled and Introduced)	Advantages of Add-A-State Services:
FLORIDA: Authorizes the electronic submission of forms and fee; Requires all licensed businesses to file quarterly a list of all mortgage brokers and/or loan originators that have been hired or terminated during the past quarter. First report is due by April 30, 2000. (Text of Act)	Experience  Speed  Low Costs  Prompt Responses to State Agencies
UTAH: New UT License Registration starts 7-1-2000 which includes finger prints cards (FBI and UT BCI), surety bond of $25,000, no criminal convictions in last 5 years; New UT Residential Mortgage Practices Act (Text of Act- Enrolled and Introduced) adopted 3-17-2000 effective 7-1-2000; Only Affects First Lien Mortgages; filers of Notification prior to 7-1-2000 grandfathered until 7-1-2001	Reduced Risk of Rejection Professionalism  Automation  Integrity Discounts
GEORGIA:HB 1231 amends mortgage lender laws adopted 3-24-2000 effective immediately: prohibition against knowingly purchasing, selling or transferring loan applications from or to unlicensed brokers or lenders; mortgage brokers applications: $50,000 bond, or $25,000 net worth by audited financials or unaudited but certified; mortgage lender applications: $250,000 net worth by audited fin. or $100,000 net worth and $100,000 bond; all branch managers hired in GA must be approved by Division of Banking. (Text of Act & Summary)	How Do I Get Started? Complete and Fax to 214-692-7613  Purchase Order then Overnight Mail Hardcopy of Purchase Order and Check for 33% of Purchase
TEXAS:New Mortgage Broker License required for 1st Mortgage Loans (both brokers and lenders unless HUD approved with direct endorsement underwriting authority) through the Texas Savings and Loan Department- 2nd Mortgage Loans and Home Equity Loans require a TX Regulated Lenders License through the Texas Office of Consumer Credit Commissioner	Order Total to Thomas Law Firm, P.C., 6116 N. Central Expressway, Suite 922, Dallas, TX 75206 Who Can I Talk To About My Purchase Order? Call Herb Thomas at 214-692-7611
	Where Can I Find More Information on Mortgage Broker and Mortgage Lender Licenses in the 50 States? @ Mortgage License Mall National 50 State Licensing Strategy No Physical Location States Physical Office Solutions ON-LINE DISCOUNT MTG. BROKERS= Lastest Trend Is Sweeping The Industry No License States/ Exempt as FHA lender
	Fees-Bonds-Net Worth Requirements Texas Mortgage Loan License Page BEST 1998 MORTGAGE MARKETS Approved Local Counsel  About Thomas Law Firm   Net Branch Candidates Representative Clients PREVIOUS JOKES-OF-THE-DAY REGARDING TEXAS HOME EQUITY LOANS
FLORIDA Effective January 1, 2000, mortgage lenders and correspondent mortgage lenders must provide the Florida Banking and Finance Department with information relating to loan originators or associates. The initial report must be filed on or before April 30, 2000. Thereafter, quarterly reports must be filed only if a person became or ceased to be an originator or associate for the lender during the immediate preceding quarter. A similar reporting requirement applies to mortgage brokerage businesses with respect to associates of the business.The reporting requirements, although effective January 1, 2000, were added as part of Chapter 99-213 (S.B. 1326) which was otherwise effective October 1, 1999.
THOMAS LAW FIRM, P.C. 8080 NORTH CENTRAL EXPRESSWAY SUITE 890 DALLAS, TEXAS 75206 214.692.7611 (VOICE) OR 692-7613 (FAX) Not Certified by the Texas Board of Legal Specialization but licensed to practice in all areas of the law