CFPB Issues Interpretive Rule on Temporary Originators

Nov 15, 2019

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.

About the author

Phil Hall

Link copied

Published

Nov 15, 2019

Analysis and Data

Pending Home Sales Climbed 3.4% In March

National Association of Realtors reports gains in Northeast, South and West, with a slight drop in the Midwest

Homes under contract are rising at a cautiously hopeful pace this spring. The National Association of Realtors’ Pending home Sales Index climbed 3.4% in March, increasing to 78.2. Year-over-year, pending transactions were up 0.1%. “March's Pending Home Sales Index – at...

Analysis and Data

Mortgage Rates Continue Their Ascent

The 30-year FRM averaged 7.17% as of April 25, 2024, up from last week, when it averaged 7.10%.

Freddie Mac's latest Primary Mortgage Market Survey, released weekly, reported the 30-year fixed-rate mortgage (FRM) averaged 7.17% this week. “Mortgage rates continued rising this week,” said Sam Khater, Freddie Mac’s chief economist. “Despite rates increasing more than ...