CFPB Lightens Requirements for Temporary LO License

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Posted To: MND NewsWire

The Consumer Financial Protection Bureau (CFPB) has issued an Interpretive Rule for one type of loan originator licensing. The Secure and Fair Enforcement for Mortgage Licensing Act (SAFE ACT) of 2008 established a national system for licensing and registration of loan originators which envisioned two categories of licensing, one for originators working for state-licensed mortgage companies and those working for federally regulated financial institutions. Subsequently, Regulation Z which interprets the Truth in Lending Act (TILA), established a third category of originators, those with temporary origination authority. These rules apply to individuals who were previously registered or licensed, are employed by a state-licensed mortgage company, are applying for a new state loan originator license…(read more)

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