Transitional Licensing Bill
On May 29th, led by Representative Steve Stivers (R-OH), a group of bipartisan House members introduced legislation to amend the SAFE Mortgage Licensing Act to provide a temporary license for mortgage loan originators, transitioning between federally-insured depositories and non-depositories, as well as across state lines under the state licensing system. Representatives Terri Sewell (D-AL), Lynn Westmoreland (R-GA), Joyce Beatty (D-OH), Luke Messer (R-IN), Kyrsten Sinema (D-AZ) ), and Ed Perlmutter (D-CO) joined the bill as original cosponsors. The bill’s introduction comes on the heels of tremendous advocacy conducted by MBA members during MBA’s National Advocacy Conference last month. MBA and members of the Mortgage Action Alliance will be working with congressional leadership and other key stakeholders to garner additional support in order to advance the legislation in the coming months. For more information, please contact Len Wolfson, (202) 557-2712 or Kelley Williams, (202) 557-2714, at the MBA.
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