SAFE Act / Types of LOs FAQ 2 – Where can loan originators exercise temporary authority?

Compliance > SAFE Act - Bureau FAQs
Q:  Where can loan originators exercise temporary authority?
 
A:  Beginning on November 24, 2019, a loan originator that satisfies the Loan Originator with Temporary Authority eligibility criteria may act as a loan originator in a state where the loan originator has submitted an application for a state loan originator license, regardless of whether the state has amended its SAFE Act implementing law to reflect the EGRRCPA amendments.  
 
For more information on the Loan Originator with Temporary Authority requirements, see SAFE ACT Types of Loan Originators Question 1, above
 
Updated Sept. 25, 2019
 
 
The CFPB’s SAFE Act FAQs pertain to compliance with the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) as of November 24, 2019, the effective date of the 2018 amendments to the statute.  Information may be found here:  https://www.consumerfinance.gov/policy-compliance/guidance/secure-fair-enforcement-for-mortgage-licensing-act/secure-and-fair-enforcement-mortgage-licensing-act-faqs/
 
Reviewing these questions and answers is not a substitute for reviewing the SAFE Act or the Bureau’s Regulation G or Regulation H. The statute and Regulations G and H are the definitive sources of information regarding the requirements. 
 
 

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