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WBK Industry News - State Regulatory Developments

NMLS Policy Guidebook Updated to Include Temporary Authority to Operate for Certain MLOs

The NMLS Policy Guidebook was recently updated to add a new section on Temporary Authority to Operate concerning “qualified MLOs who are changing employment from a depository institution to a state-licensed mortgage company, and qualified state licensed MLOs seeking licensure in another state.” This update concerns the Economic Growth, Regulatory Relief, and Consumer Protection Act; which amended the 2008 SAFE Act to permit eligible MLOs to originate loans while completing certain state specific requirements.  The updated version was issued on November 22, 2019.