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Fall 2018 Newsletter
Federal S.A.F.E. Act Amendments for Certain MLOs
Congress passed legislation amending the federal S.A.F.E. Act, the federal licensing and registration requirement for mortgage loan originators (MLO). The amendments generally provide temporary authority so certain unlicensed mortgage loan originators (MLO) can conduct MLO activities while waiting for a state to issue a license. The temporary authority is for registered MLOs moving to state licensing, and for state licensed MLOs moving from one state to another.
The amendments to the Act are effective November 24, 2019.
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. We will provide more information in advance of the effective date as it is developed.
See Sec. 106 of S. 2155, also known as Public Law No. 115-174.