What is the Mortgage Guaranty Trust Fund (MGTF)?
The MGTF was set up to compensate borrowers who have final judgments against a licensee for damages caused by Chapter 494 violations and the borrower has not been able to collect from the licensee. A nonrefundable initial and renewal fee is imposed as follows: 1) Mortgage Originators – $20.00 2) Mortgage Brokers and Lenders – $100.00 This fee is in addition to the application fee. The amount is deposited into the Mortgage Guaranty Trust Fund for the payment of claims. (F.S. 494.00172) When the fund reaches $5,000,000, the additional fee will be discontinued until the fund is below $1,000,000.
