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ARTICLE · 14 MARCH 2016

Transitional Authority Bill Passes House Committee Unanimously

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The House Financial Services Committee unanimously approved a bill that would enable registered mortgage loan originators to move from a depository mortgage lender to a state-licensed mortgage lender almost immediately.

United StatesFinance and Banking
Robert Niemi
Robert Niemi
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The House Financial Services Committee unanimously approved a bill that would enable registered mortgage loan originators to move from a depository mortgage lender to a state-licensed mortgage lender almost immediately. This would allow eligible originators time to complete SAFE education and testing requirements while still earning a living.

Introduced by Rep. Stivers of Ohio, H.R. 2121, the SAFE Transitional Licensing Act, would provide a 120-day period for individuals moving from a federally insured institution (bank or credit union) to a nonbank lender while they work to complete their SAFE Act mandated education and testing requirements. The transitional authority would be available only to tenured depository loan originators who have a clean history and no serious financial responsibility or background issues. Consumer protections include that individuals would not be eligible if they ever had their license denied or revoked or were convicted of a felony

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