Pending Rule for Temporary Licensing Authority/Transitional Licensing

Join the MCPAOA for an informative hour discussing the pending rule for TEMPORARY LICENSING AUTHORITY / TRANSITIONAL LICENSING with Haydn J. Richards Jr.

Haydn J. Richards, Jr. Partner with Bradley, Arant Boult Cummings, LLP will provide MCPAOA listeners with information on Section 2155 of the federal Economic Growth, Regulatory Relief and Consumer Protection Act which opened the door for transitional licensing authority; Employment Transition of Loan Originators. This new feature goes in to effect on November 24, 2019. The law will allow the following individuals to be granted temporary authority to act as a mortgage loan originator (“MLO”) while completing state-specific requirements for licensure as their required education or testing:

• Qualified MLOs who are changing their employer from a depository institution to a state-licensed mortgage company, and
• Qualified state-licensed MLOs seeking licensure in another state

What does this mean for our industry?

How will this impact the NMLS and your organization in general?

What, if any, restrictions are there?

Have all states adopted the rule and have they issued their own guidance?
How long can a loan officer operate under the temporary authority?
Will there be safeguards in place to monitor and prevent abuses of this rule?