WASHINGTON, D.C. (August 9, 2017) – (RealEstateRama) — David H. Stevens, CMB, President and CEO of the Mortgage Bankers Association (MBA), released the following statement on the bipartisan introduction of the SAFE Transitional License Act in the U.S. Senate. The bill (S. 1753) was introduced and originally co-sponsored last week by Senators Dean Heller (R-NV) and Bob Menendez (D-NJ). Substantially similar bipartisan legislation (H.R. 2948) was introduced in the U.S. House of Representatives in late June, and originally cosponsored at that time by Reps. Steve Stivers (R-OH), Bruce Poliquin (R-ME), Joyce Beatty (D-OH), and Kyrsten Sinema (D-AZ), respectively.
“The mortgage finance industry is grateful for the bipartisan, bicameral introduction of these important bills that would amend the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act). I applaud Senators Heller and Menendez, and Representatives Stivers, Beatty, Poliquin and Sinema for their leadership,” said Stevens.
“This legislation will maintain the important consumer protections established under the federal SAFE Act, while offering enhanced workforce mobility for mortgage loan officers who choose to change employers or move across state lines to pursue new career opportunities. MBA looks forward to working with these lawmakers, as well as the leadership of the House Financial Services and Senate Banking Committees, to help advance this legislation to the President’s desk.”
Both bills would amend the SAFE Act to provide temporary authority (120 days) to originate mortgage loans to MLOs transitioning between federally insured depositories and non-depositories, as well as across state lines. The legislation would require states to issue this transitional authority to experienced loan originators currently employed by a financial institution. Importantly, the bill also stipulates that all transitioning individual MLOs – and the non-bank institutions sponsoring them – remain subject to all required elements of the SAFE Act, as well as applicable state law.
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