MBA Chairman Bill Cosgrove Commends Introduction of SAFE Transitional Licensing Act
|Rob Van Raaphorst|
|(202) 557- 2799|
WASHINGTON, D.C. (April 29, 2015) - Bill Cosgrove, CMB President & CEO Union Home Mortgage Corp. and Chairman of the Mortgage Bankers Association (MBA) issued the following statement in response to the introduction of bipartisan legislation amending the SAFE Mortgage Licensing Act, by Representatives Steve Stivers (R-OH), Terri Sewell (D-AL), Lynn Westmoreland (R-GA), Joyce Beatty (D-OH), Luke Messer (R-IN), and Kyrsten Sinema (D-AZ):
"This legislation is one of MBA's top advocacy priorities, and a constructive approach to address a key component of the SAFE Act by providing a temporary license for loan originators transitioning between employers and across state lines. "In today's dynamic mortgage marketplace, this bill addresses the need for true labor force mobility across state lines and between institutions. It also offers no new regulatory burdens, and is well within the guardrails of current oversight by state regulators and the CFPB. "MBA looks forward to working with the bill's authors, Congressional leadership and other key stakeholders, to garner additional support in order to advance this important piece of legislation."