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News Now

Washington
CFPB clarifies state reciprocity in MLO licensing
WASHINGTON (4/20/12)--Consistent with the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act), a state may grant a transitional mortgage loan originator (MLO) license to an individual who holds a valid loan originator license from another state, according to a clarification issued by the Consumer Financial Protection Bureau (CFPB) Thursday.

However, the CFPB also clarified that its regulations do not allow states to provide transitional licensing for registered but unlicensed loan originators who leave a credit union or bank to act as loan originators for a non-depository institution while pursuing a state license. 

The CFPB inherited authority to enforce and implement the SAFE Act from the U.S. Department of Housing and Urban Development under the Dodd-Frank Wall Street Reform Act.  CFPB Director Richard Cordray said the Bureau is committed to working with states and the industry to make interstate transitions as smooth as possible for loan originators.


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