Items Tagged with 'SAFE Act'


  • Loan originator licensing rules are about to change: Here's what you need to know

    New LO licensing rules go into effect in November 2019
    It's about to get much easier for mortgage loan originators to switch jobs and continue originating mortgages without any license-related delays. Under the current rules of the SAFE Mortgage Licensing Act, an LO who moves between states or from a bank to a nonbank is required to wait for a new license before they can begin originating at their new job. But after a years-long push from the mortgage industry, those rules are about to change.
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  • House approves changes to TRID rule, loan originator licensing rules

    Bill brings changes to SAFE Act rules for nonbank originators
    The House of Representatives last night approved a bill that could bring big changes to the mortgage industry, including making it easier for loan originators to move from a traditional bank to a nonbank. The bill would also bring changes to the CFPB’s TRID rule. Here are the full details.
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  • House passes sweeping change to loan originator licensing rules

    SAFE Transitional Licensing Act of 2015 moves to Senate
    The House of Representatives just passed a bill that could create a huge impact on the mortgage industry, as mortgage loan officers may soon be able to transition from a traditional bank to a nonbank and keep originating new mortgage loans without having to wait for a new license. Now, it's on to the Senate for the SAFE Transitional Licensing Act of 2015.
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  • Legal: Leveling the Playing Field for Mortgage Loan Originators

    Two recent key regulatory developments will bring about important changes for state-licensed and federally registered mortgage loan originators. The first, the announcement of the development of a uniform state mortgage loan originator examination, will ease licensing burdens on state-licensed mortgage loan originators. The second, revisions to Regulation Z promulgated by the CFPB’s discussion of mortgage loan originator compensation matters, imposes new requirements on financial institutions employing mortgage loan originators. When considered together, both of these measures will increasingly bring uniformity to mortgage loan originator operations, whether those operations occur at a bank or at a non-depository institution. Uniform State Mortgage
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  • MLO Test Retake Policy Revised

    The Nationwide Mortgage Licensing System & Registry (NMLS) has announced a change in regard to the number of times a license applicant can retake a licensing exam before being required to sit out a 180-day waiting period.   Under current policy, applicants may who fail the national or state licensing exams, may take the test a total of 4 times before being forced to wait out a 180-day waiting period to try again.  Beginning with any enrollments to take tests on or after August 29th, the number of initial test before the waiting period will be reduced to three.
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  • NMLS Seeks to Report State Regulatory Actions

    The Nationwide Mortgage Licensing System & Registry (NMLS) has released a proposed rule for public comment that would allow for the reporting of state regulatory actions against companies and individuals on the NMLS consumer access website. The goal in developing the reporting functionality would be improve transparency and information available to consumers, to facilitate for the sharing of information among state regulatory agencies and to meet the SAFE Act mandate to provide easily accessible information to consumers regarding publicly adjudicated disciplinary and enforcement actions against licensed entities and individuals. Title V of the SAFE Act requires the NMLS to
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