Index: OFR 2026-518

STATE OF FLORIDA

OFFICE OF FINANCIAL REGULATION

In Re: Petition for Declaratory Statement of
ACURIQ, INC., and
NEEL PRAKASH,
Petitioners.

Case Number: 138229

Docketed
10/21/2026
Legal

FINAL ORDER ON PETITION FOR DECLARATORY STATEMENT

THIS CAUSE came on for consideration upon the Petition for Declaratory Statement (“Petition”) filed by ACURIQ, INC., and NEEL PRAKASH (“Petitioners”) and received by the Office of Financial Regulation (“Office”) on July 15, 2026. Having considered the Petition and relevant statutes and rules, the Office issues this Declaratory Statement.

FINDINGS OF FACT

1. The Petition, attached hereto as Exhibit 1, requests the Office to issue a Declaratory Statement addressing: a) Whether Petitioners’ proposed loan processing operation, as described in the Petition, would be considered a “loan originator” pursuant to chapter 494, Florida Statutes; b) Whether support staff working under the supervision of Neel Prakash, who would be engaged solely in collecting documents, preparing files, ordering reports, and communicating with borrowers strictly to collect documents, would require a loan originator license pursuant to chapter 494, Florida Statutes; c) Whether Petitioners’ technology platform, as described in the Petition, would require a loan originator license pursuant to chapter 494, Florida Statutes; and d) Whether Petitioners’ third-party loan processing fees may appear on the closing disclosure.

2. The Office considered all the information Petitioners initially provided. Additional information was requested from Petitioners, which was provided. Pursuant to Rule 28-105.003, Florida Administrative Code, the Office has taken such information as fact for the purpose of this Order. Petitioner agreed to an extension of time for the filing of this Final Order. The facts set forth in the Petition are hereby adopted and incorporated herein by reference as the findings of fact of the Office.

3. Pursuant to, and in compliance with, section 120.565(3), Florida Statutes, the Office published notice of the Petition. The notice appeared in the Florida Administrative Register at Volume 52, Number 137, published on July 16, 2026. The Office received no comments regarding this matter.

4. The Office’s conclusions are based upon the assertions of fact contained in the Petition. Any modification of the assertions of fact could alter the Office’s conclusions. None of Petitioners’ assertions of fact are admitted by the Office as being true, and Petitioners’ questions are viewed as purely hypothetical. If any facts asserted by Petitioners are untrue or materially incomplete, the Office’s conclusions provided herein would not apply.

CONCLUSIONS OF LAW

5. Pursuant to chapters 120 and 494, Florida Statutes, the Office has jurisdiction to consider this matter.

6. Pursuant to section 120.565(1), Florida Statutes, any substantially affected person may seek a declaratory statement regarding an agency’s opinion as to the applicability of a statute as it applies to the petitioner’s particular set of circumstances.

7. It is well established that the purpose of a declaratory statement is to afford a petitioner the opportunity to seek an agency’s position regarding the applicability of the agency’s statutory provisions, orders, or rules to the petitioner’s particular circumstances. Adventist Health System/Sunbelt, Inc. v. Agency for Health Care Admin., 955 So.2d 1173, 1176 (Fla. 1st DCA 2007) (citing Chiles v. Div. of Elections, 711 So.2d 151, 154 (Fla. 1st DCA 1998)).

8. A declaratory statement can be used to avoid costly administrative litigation by informing the petitioner in advance of the agency's views regarding the petitioner's contemplated conduct. Adventist Health, 955 So.2d at 1176; Chiles, 711 So.2d at 154; and Nat'l Ass'n of Optometrists & Opticians v. Fla. Dep't of Health, 922 So.2d 1060, 1062 (Fla. 5th DCA 2006).

9. Petitioners possess the requisite interest and are the proper parties to request a declaratory statement under section 120.565, Florida Statutes, and Rule 28-105 et seq., Florida Administrative Code.

10. Section 494.001(18), Florida Statutes, defines a "loan originator" as:

[A]n individual who, directly or indirectly, solicits or offers to solicit a mortgage loan, accepts or offers to accept an application for a mortgage loan, negotiates or offers to negotiate the terms or conditions of a new or existing mortgage loan on behalf of a borrower or lender, or negotiates or offers to negotiate the sale of an existing mortgage loan to a noninstitutional investor for compensation or gain. The term includes an individual who is required to be licensed as a loan originator under the S.A.F.E. Mortgage Licensing Act of 2008. The term does not include an employee of a mortgage broker or mortgage lender whose duties are limited to physically handling a completed application form or transmitting a completed application form to a lender on behalf of a prospective borrower.

11. Pursuant to section 494.0025(1), Florida Statutes, a person may not act as a loan originator in this state without a current, active license issued by the office pursuant to part II of chapter 494, Florida Statutes.

12. Pursuant to section 494.00331, Florida Statutes,

(1) LOAN ORIGINATORS.—An individual may not act as a loan originator unless he or she is an employee of, or an independent contractor for, a mortgage broker or a mortgage lender, and may not be employed by or contract with more than one mortgage broker or mortgage lender, or either simultaneously.

(2) CONTRACT LOAN PROCESSORS.—Subsection (1) does not apply to a contract loan processor who has a declaration of intent to act solely as a contract loan processor on file with the office. The declaration of intent must be on a form as prescribed by commission rule.

    13. Pursuant to section 494.001(6), Florida Statutes, a "contract loan processor" means an individual who is licensed under part II of chapter 494, Florida Statutes, as a loan originator, who is an independent contractor for a mortgage broker or mortgage lender, and who engages only in loan processing.

    14. Under the specific set of facts stated in Petitioners' proposed business model, i.e., that Petitioners do not solicit borrowers in any way; take or accept loan applications from borrowers; discuss, offer, or negotiate loan terms or conditions with anyone; make or influence underwriting decisions; fund, advance, or close any mortgage loan, Acuriq, Inc., would not be considered a "loan originator" pursuant to section 494.001(18), Florida Statutes. Rather than originating loans, Acuriq, Inc., would be engaged in "loan processing."

    15. Section 494.001(19), Florida Statutes, defines "loan processing" as:

(a) Receiving, collecting, distributing, and analyzing information common for the processing of a mortgage loan; or

(b) Communicating with a consumer to obtain information necessary for the processing of a mortgage loan if such communication does not include offering or negotiating loan rates or terms, or counseling consumers about residential mortgage loan rates or terms.

16. Petitioner, Neel Prakash, is licensed as a loan originator. As such, he would be required to file a declaration of intent to act solely as a contract loan processor with the Office before engaging in the business of contract loan processing.

17. A loan originator license would not be required for support staff working under the supervision of Neel Prakash, who would be engaged solely in collecting documents, ordering reports, preparing files, and communicating with borrowers strictly to collect documents,.

18. Petitioners' technology platform would not require a loan originator license.

19. The contents of the closing disclosure are strictly regulated by the Consumer Financial Protection Bureau under the TRID (TILA-RESPA Integrated Disclosure) rules. Petitioners would be required to abide by all TRID rules.

Based on the foregoing Findings of Fact and Conclusions of Law, it is hereby DECLARED THAT:

I. The Office has jurisdiction over the subject matter and the parties pursuant to chapters 120 and 494, Florida Statutes;

II. Petitioners are substantially affected persons; and,

III. The Petition is GRANTED.

a. Acuriq, Inc., would not be considered a “loan originator” pursuant to chapter 494, Florida Statutes, for the activities contemplated in Petitioners’ proposed business model;

b. Neel Prakash would be required to file a declaration of intent to act solely as a contract loan processor with the Office;

c. Loan originator licensure would not be required for support staff working under the supervision of Neel Prakash, who would be engaged solely in collecting documents, preparing files, ordering reports, and communicating with borrowers strictly to collect documents;

d. Petitioners’ technology platform would not require a loan originator license;

e. The contents of the closing disclosure are strictly regulated by the Consumer Financial Protection Bureau under the TRID (TILA-RESPA Integrated Disclosure) rules and Petitioners would be required to abide by all TRID rules.

DONE and ORDERED this 26th day of October, 2026, in Tallahassee, Leon County, Florida.

Russell C. Weigel, III
Commissioner

NOTICE OF RIGHTS

A PARTY WHO IS ADVERSELY AFFECTED BY THIS FINAL ORDER IS ENTITLED TO JUDICIAL REVIEW PURSUANT TO SECTION 120.68, FLORIDA STATUTES. REVIEW PROCEEDINGS ARE GOVERNED BY THE FLORIDA RULES OF APPELLATE PROCEDURE. SUCH PROCEEDINGS ARE COMMENCED BY FILING THE ORIGINAL NOTICE OF APPEAL WITH THE AGENCY CLERK FOR THE OFFICE OF FINANCIAL REGULATION AS FOLLOWS:

By Mail or E-mail OR By Hand Delivery
Office of Financial Regulation Office of Financial Regulation P.O. Box 8050 General Counsel's Office Tallahassee, FL 32314-8050 The Fletcher Building Phone: (850) 410-9889 101 East Gaines Street E-mail: Agency.Clerk@flofr.gov Tallahassee, FL 32399 Phone: (850) 410-9889

A COPY OF THE NOTICE OF APPEAL, ACCOMPANIED BY THE FILING FEES AS REQUIRED BY LAW, MUST ALSO BE FILED WITH THE FIRST DISTRICT COURT OF APPEAL, 2000 DRAYTON DRIVE, TALLAHASSEE, FLORIDA 32399-0950, OR WITH THE DISTRICT COURT OF APPEAL IN THE APPELLATE DISTRICT WHERE THE PARTY RESIDES. THE NOTICE OF APPEAL MUST BE FILED WITH BOTH THE AGENCY CLERK FOR THE OFFICE OF FINANCIAL REGULATION AND THE DISTRICT COURT OF APPEAL WITHIN 30 DAYS OF THE RENDITION OF THE ORDER TO BE REVIEWED.

CERTIFICATE OF SERVICE

I HEREBY CERTIFY that a true and correct copy of the foregoing Final Order and Notice of Rights has been furnished by mail to: Acuriq, Inc., and Neel Prakash, 111 NE 1st Street, 8th Floor, Suite 89123, Miami, FL 33132 and by electronic mail to neel@acuriq.com on this 26th day of October, 2026.

Agency Clerk
Office of Financial Regulation
Post Office Box 8050
Tallahassee, FL 32314
Email: Agency.Clerk@flofr.gov
Tel: (850) 410-9889

Exhibit 1

PETITION FOR DECLARATORY STATEMENT BEFORE THE OFFICE OF FINANCIAL REGULATION

Filed Pursuant to Section 120.565, Florida Statutes, and Florida Administrative Code Rule 28-105.002

I. PETITIONER INFORMATION

Individual Petitioner: Neel Prakash NMLS ID: 2750787 Owner, Control Person & Licensed Mortgage Loan Originator — Acuriq, Inc. Email: neel@acuriq.com Telephone: (512) 277-9751 Mailing Address: 111 NE 1st Street, 8th Floor, Suite 89123, Miami FL 33132

Company Petitioner: Acuriq, Inc. NMLS ID: 2735353 Email: nmls@acuriq.com Telephone: (512) 277-9751 Mailing Address: 111 NE 1st Street, 8th Floor, Suite 89123, Miami FL 33132

Attorney or Qualified Representative: None. Petitioner is filing without legal counsel.

Date: April 10th 2026

II. STATUTORY PROVISIONS AND RULES AT ISSUE

We are seeking clarification on how the following apply to Acuriq, Inc.'s specific business model:

• Chapter 494, Florida Statutes (Loan Originators and Mortgage Brokers), specifically §494.001, §494.00312, §494.00611, §494.0033, and §494.00115

• Florida Administrative Code Rule 69V-40 (Mortgage Brokerage)

• The SAFE Mortgage Licensing Act of 2008, 12 U.S.C. § 5101 et seq., as it relates to individual licensing of processing personnel

III. OUR BUSINESS AND CIRCUMSTANCES

Who We Are

Acuriq, Inc. is a technology and processing support company built to help licensed mortgage brokers and lenders close loans faster. We work exclusively with licensed mortgage businesses — not directly with borrowers. Our clients are the brokers and lenders, and our job is to handle the back-office processing work so their teams can focus on originating and closing.

I, Neel Prakash, am one of the owners and a control person of Acuriq, Inc. I am also a Florida-licensed Mortgage Loan Originator (NMLS: 2750787) and would be overseeing all processing activity conducted under Acuriq's service agreements.

What We Do

Under written service agreements with licensed Florida mortgage brokers and lenders, Acuriq would provide the following:

• Collecting and verifying borrower documents on behalf of the licensed broker or lender

• Ordering and reviewing third-party reports such as credit reports, appraisals, and title reports

• Communicating with borrowers only to collect required documents — nothing more

• Organizing and preparing loan files for the lender's underwriting team

• Providing our proprietary loan origination system (LOS) for use by the client and our processing team to manage the loan file workflow

What We Do Not Do

Acuriq's staff would not:

• Take or accept loan applications from borrowers

• Discuss, offer, or negotiate loan terms or conditions with anyone

• Make or influence underwriting decisions

• Fund, advance, or close any mortgage loan

• Solicit borrowers in any way

How We Get Paid

Acuriq has a 2 pronged revenue model. One set of clients will be paid for using our technology platform. This is subscription based (SaaS) and it is our understanding that no OFR related licensing would be required.

The second set of clients are the ones would be using our platform plus services model. For these clients we intend to charge a per-funded-loan fee for our processing and technology services. This fee would be listed on the Closing Disclosure (CD) as a third-party settlement service charge.

We are looking to help brokers (particularly those starting out) in the state of FL reduce their upfront costs by providing this service, so that they can benefit from our technology+services model wherein they would not have to pay any money while they begin to generate revenues.

Our Staffing Plan

Acuriq plans to hire W-2 employees to perform the processing work described above. In the initial stage, I would be the only person performing this role. We would require your confirmation new employees (when volumes in the state of FL using our platform + services model are required to hold individual Florida MLO licenses, or whether they can perform these processing duties as W-2 staff under my supervision as Acuriq's licensed control person. Please confirm if there is any restriction for Contractors (eg. 1099) to be used by us for any administrative/support functions.

We respectfully ask the Office of Financial Regulation to answer the following questions as they apply to Acuriq, Inc.'s specific situation:

1. Does Acuriq need a company license in Florida? Given that Acuriq provides back-office processing and technology support services to licensed brokers and lenders — and does not take applications, negotiate terms, make underwriting decisions, or fund loans — is Acuriq, Inc. required to hold a license under Chapter 494, Florida Statutes? If yes, which license type applies?

2. Do our individual processors need MLO licenses? If our W-2 processing employees are only collecting documents, preparing files, ordering third-party reports, and communicating with borrowers strictly to collect documents — do they need individual Florida MLO licenses? Or can they perform these duties under the supervision of Acuriq's licensed control person (Neel Prakash, NMLS: 2750787)?

3. Does providing our LOS technology trigger a separate licensing requirement? Acuriq provides its proprietary loan origination system to its broker and lender clients as part of the service agreement. Does offering this technology platform, on its own or as part of a processing services package, require any separate license or registration under Florida law?

4. Can Acuriq's fee appear on the Closing Disclosure? Is it permissible under Florida law for Acuriq to be compensated through a fee listed on the Closing Disclosure as a third-party settlement service charge, on a per-funded-loan basis? Does this payment arrangement create any licensing obligation for Acuriq under Chapter 494?

5. Can administrative support staff assist in the workflow? Can Acuriq or its broker/lender clients use administrative support personnel to help with tasks in the loan processing workflow? If so, are there any licensing requirements for those individuals under Florida law?

6. Are there any other requirements we need to know about? Are there any disclosures, written agreement requirements, regulatory filings, or other compliance steps specific to a company operating under this third-party contract processing model that Acuriq, Inc. needs to satisfy under Florida law or OFR rules?

I certify that the information provided in this petition is true and accurate to the best of my knowledge, and that as owner, control person, and licensed Mortgage Loan Originator of Acuriq, Inc., I am directly and substantially affected by the statutes and rules identified above.

Neel Prakash
Owner, Control Person & Licensed MLO
Acuriq, Inc. (NMLS: 2735353)
NMLS ID: 2750787
Email: neel@acuriq.com
Telephone: +1 (512) 277-9751
Date: April 21, 2026