S.A.F.E. Act Amendment for Certain MLOs

Congress passed legislation, signed by the President on May 24, 2018, that amends the federal S.A.F.E. Act (federal licensing requirement for mortgage loan originators) to generally provide for a streamlined licensing process at the state level when a registered mortgage loan originator (MLO) moves to a position requiring state licensure.

The legislation also creates a streamlined process that applies to state-licensed MLOs moving from one state, to another state in which they seek licensure.

The amendments to the Act are effective 18 months from the date of enactment.

The necessary implementation process will occur within NMLS as does licensure today.

Washington will be working to implement these processes and they will become available in the time frame required by the federal law.

See Sec. 106 of S. 2155, also known as Public Law No. 115-174.