Regulation and Compliance

CFPB Issues Interpretive Rule on Temporary Originators

Phil Hall
Nov 15, 2019
The Consumer Financial Protection Bureau has announced that it has taken measures to make it easier for consumers with urgent financial needs to obtain access to mortgage credit more quickly in the middle of the COVID-19 pandemic

The Consumer Financial Protection Bureau (CFPB) has issued an interpretive rule designed to clarify the screening and training requirements for temporary loan originators at financial institutions.
 
The rule, which takes effect on Nov. 24, is based on the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) requirements for licensing and registering loan originators. According to the CFPB, loan originators with temporary authority are defined as either loan originators who were previously registered or licensed, are employed by a state-licensed mortgage company, are applying for a new state loan originator license, and meet other criteria specified in the statute.
 
Under the new rule, loan originators with temporary authority may act as a loan originator for a temporary period of time, as specified in the statute, in a state while that state considers their application for a loan originator license.
 
Link copied
Published
Nov 15, 2019
Get the NMP Daily
Analysis and Data
Realtor.Com Predicts Top Housing Markets For 2024

Toledo, Ohio, Oxnard, Calif., and Rochester, N.Y. take top spots in annual ranking

With some affordability relief in sight next year as sale prices and mortgage rates start a slow, yet welcome decline, Realtor.com has identified the local housing markets across the U.S. that are primed and ready for growth in its 2024 Top Housing Markets forecast. These ma...

Continue reading
People On The Move
First Community Mortgage Hires Experienced Capital Markets Expert

Jeff Pancer brings 34 years of experience to new EVP of Capital Markets role.

First Community Mortgage (FCM) has named Jeff Pancer to the new position of executive vice president, capital markets. With a career spanning over three decades in secondary markets, Pancer brings a wealth of experience and insight to the Nashville-based national mortgage pr...

Continue reading
Renew your NMLS License — for free.

Enjoy access to a free NMLS renewal class when you attend an in-person event.

Find an event
More from
Regulation and Compliance
CFPB Slaps Bank Of America With $12 Million Penalty For False Mortgage Data Reporting

For at least four years, hundreds of Bank of America loan officers failed to ask mortgage applicants certain demographic questions.

Regulation and Compliance
Nov 28, 2023
Rising Home Values Propel Higher Loan Limits

FHFA Announces 5.6% Increase in Conforming Loan Limits for 2024

Regulation and Compliance
Nov 28, 2023
NMLS — Then, Now, And To Come

Leaders reminisce, plan, and dream about the regulatory group on its 15th birthday

Regulation and Compliance
Nov 02, 2023
Fannie Mae, Freddie Mac Shareholders Win Prejudgment Interest On $299M Verdict

Federal court upholds shareholders' right to interest after government's wrongful claim on profits; simple interest rate set, drawing from Delaware law precedent.

Regulation and Compliance
Oct 26, 2023
ADUs Can Now Be Sold Separately In California

‘Backyard revolution’ opens up the affordable housing market.

Regulation and Compliance
Oct 20, 2023
Cracking The Crackdown

How to eliminate and prevent ‘junk’ fees to avoid penalties

Regulation and Compliance
Oct 03, 2023