MBA's Mortgage Loan Officer Licensing Resource Center
In This Section
In 2008 the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) established mandatory registration for all mortgage loan originators (MLOs) and also licensing for non-bank lenders, their branches and MLOs through the Nationwide Mortgage Licensing System and Registry (NMLS). Since then, there has been a national discussion about the need to address the challenges faced by licensed MLOs moving from one state to another or experienced federally registered MLOs wishing to change positions and work for a state licensed company. Such transitions often take up to three months or even longer.
The Mortgage Bankers Association (MBA) has been at the center of this dialogue among state and federal regulators, state and local mortgage banking/lending associations, and leaders within the real estate finance industry. That leadership led to the enactment of a new MLO temporary authority law for MLOs as part of S. 2155 - The Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018. New law provides for a 120-day temporary transitional authority period for bank MLOs moving to a non-bank lender, or licensed MLOs already working for a non-bank lender and wishing to work in another state or looking to obtain one or more additional state licenses. The law mandates that states implement transitional authority by November 24, 2019, i.e. 18 months after enactment. To support speedy enactment of the new law, MBA is urging the Bureau to recind its 2012 guidance on transitional authority, which no longer reflects current federal law, and reissue written guidance for the benefit of state regulators and industry alike.
The purpose of this resource center is to provide access to appropriate documents and information related to MLO licensing, with focus on implementing the new law.
August 27, 2018: New Jersey enacts a 120-day mortgage loan originator transitional licensing law (A.2035A)
May 24, 2018: President signs S.2155 (Public Law No: 115-174), which in Section 106 amends the federal SAFE Act to provide a 120-day transitional authority for MLOs after an 18-month implementation period.
May 2, 2018: The Minnesota Department of Commerce will adopt the National State MLO Test with Uniform State Content (UST), effective August 1, 2018.
April 4 2018: The West Virginia Division of Financial Institutions will adopt the National State MLO Test with Uniform State Content (UST), effective June 1, 2018.
May 25. 2017: The South Carolina Departments of Consumer Affairs (SC-DCA) and the Board of Financial Institutions (SC-BFI) announced UST adoption
March 31. 2017: The Utah Division of Real Estate adopted the Uniform State Test effective May 8, 2017.
November 22, 2016: Arkansas Securities Department Announces its Adoption of the Uniform State Test, with January 2017 Implementation
August 15, 2016: Florida OFR Announces its Adoption of the Uniform State Test, with January 2017 Implementation