Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
CFPB clarifies state reciprocity in MLO licensing
WASHINGTON (4/20/12)--Consistent with the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act), a state may grant a transitional mortgage loan originator (MLO) license to an individual who holds a valid loan originator license from another state, according to a clarification issued by the Consumer Financial Protection Bureau (CFPB) Thursday.

However, the CFPB also clarified that its regulations do not allow states to provide transitional licensing for registered but unlicensed loan originators who leave a credit union or bank to act as loan originators for a non-depository institution while pursuing a state license. 

The CFPB inherited authority to enforce and implement the SAFE Act from the U.S. Department of Housing and Urban Development under the Dodd-Frank Wall Street Reform Act.  CFPB Director Richard Cordray said the Bureau is committed to working with states and the industry to make interstate transitions as smooth as possible for loan originators.


RSS





print
News Now LiveWire
Feb. home prices climb 4.6% year over year: Black Knight #Market #NewsNow http://t.co/UuWCeZiIqu
1 hour ago
.@TheNCUA recieved 2,167 comment letters on #RBC2 proposal, as of this morning. http://t.co/ijPFHItc8J
4 hours ago
.@TheKCUA's CUlead gets close up with co-ops http://t.co/r3gxAxx4pI #NewsNow
4 hours ago
.@NYCUAtweets in Albany today/Wed for #StateGAC
4 hours ago
#RBC2: When is final draft on the horizon? See #NewsNow http://t.co/FoiXb48Dqh
5 hours ago