Mortgage Loan Originator (MLO) Temporary Authority
During 2018, MBA successfully led the advocacy campaign to amend the federal Secure and Fair Enforcement for Mortgage Licensing (SAFE) Act of 2008 to provide a 120-day temporary authority period for MLOs to originate mortgage loans
Overview: Effective November 24, 2019, a bank MLO moving to a non-bank lender, or an MLO already working for a non-bank lender seeking licensure in another state will have 120-day temporary authority. Given that Congress has now permitted temporary authority for both state-to-state and bank-to-nonbank activity, MBA urges the BCFP to rescind Bulletin 2012 -05 and reissue appropriate guidance reaffirming that all states must implement the new law.
Recent MBA Activity Related to Mortgage Loan Originator (MLO) Temporary Authority
- Comment Letter: MBA on Inherited Rulemaking RFI (June 25,2018)
- Letter: MBA to Senator Crapo in Support of The Economic Growth, Regulatory Relief, and Consumer Protection Act (December 4, 2017)