Rep. Stivers Sponsors Bill To Provide Smoother Employment Transition For Mortgage Loan Pros – Financial Regulation News
Rep. Stivers sponsors bill to provide smoother employment transition for mortgage loan pros – Financial Regulation News
U.S. Rep. Steve Stivers (R-OH) introduced a bill that provides regulatory relief for mortgage loan originators in an effort to create a smooth employment transition for those who move between bank and non-bank entities.
Currently, the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) requires mortgage loan originators (MLOs) employed by non-bank lenders to be licensed, which includes pre-licensing and annual continuing education requirements, passage of a comprehensive test, and criminal and financial background reviews conducted by state regulators.
These MLOs are also registered in the National Mortgage Licensing System and Registry (NMLS). By contrast, …