The CFPB issued a guidance bulletin clarifying issues relating
to transitional licensing under the SAFE Act and Regulation H.
According to the CFPB, states are permitted to provide a
transitional license to an individual with a mortgage loan
originator license from another state, but states are prohibited
from granting a transitional license for a registered loan
originator who leaves a federally regulated financial institution
to act as a loan originator while pursuing a state license. Click
here for the related press release and
here for the bulletin.
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