TITLE: Florida Office of Financial Regulation Imposes Fine and Suspension on Miles Funding LLC
BODY:
On April 14, 2026, the Florida Office of Financial Regulation (OFR) issued a Final Order against Miles Funding LLC and Rei Wei Ryan, the company's 100% owner and chief executive officer, imposing an administrative fine of $3,500 and a 10-day license suspension.
The OFR, which administers and enforces Chapter 494, Florida Statutes (mortgage broker regulations), conducted examination number 130447 and identified violations related to late filing of Mortgage Call Reports (MCRs). Miles Funding LLC, licensed as a mortgage broker (license number MBR2305) since May 11, 2017, failed to timely submit its second, third, and fourth quarter 2024 MCRs to the Nationwide Multistate Licensing System and Registry (NMLS). The fourth quarter 2024 MCR was due on February 14, 2025, and remained unfiled at the time of examination. This constituted a violation of Rule 69V-40.176(3), Florida Administrative Code, and Section 494.004(2), Florida Statutes, which require mortgage brokers not approved as Fannie Mae, Freddie Mac Sellers/Servicers, or Ginnie Mae Issuers to submit the Financial Condition component of the MCR within 45 days of each calendar quarter's end.
The OFR issued an Administrative Complaint on December 2, 2025, seeking the fine and suspension. Miles Funding LLC was served via certified mail on December 15, 2025, and had 21 days to respond and request a hearing. The company failed to submit a written response by the January 5, 2026 deadline, thereby waiving its right to an administrative hearing. The Final Order notes this was not Miles Funding LLC's first MCR filing violation; prior enforcement actions were issued in 2021, 2023, and 2025 for similar non-compliance.
The administrative fine must be paid within 30 days of the Final Order date via money order, cashier's check, or wire transfer to the OFR, referencing case number 131177. The 10-day license suspension is effective immediately. Miles Funding LLC may appeal this Final Order to the District Court of Appeal, First District, within 30 days by filing a notice of appeal with both the OFR Agency Clerk and the court.