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Transitioning Loan Officer Licensing   
 

Jonathan Foxx, Ph.D., MBA

Chairman & Managing Director


November 7, 2019
QUESTION
We are a mortgage lender that is hiring a large group of loan officers from a bank. The transition includes handling their licensing requirements.

Of course, the loan officers want to continue to take applications, but their state licensing has been taking a lot of time and causing a lot of concerns.

We need to know how to handle this licensing issue so that our new loan officers can get to work.

What can we do to transfer the loan officers from their bank registration to become licensed loan officers?
ANSWER
Your question comes at an opportune time. I'm going to give you a new acronym - as if the mortgage community needs yet another acronym! 

Here it goes: "EGRRCPA." 

EGRRCPA stands for the Economic Growth, Regulatory Relief, and Consumer Protection Act. 

Let's keep the acronym "EGRRCPA" for the sake of this brief response. 

Section 106 of the  EGRRCPA  is designed to reduce certain licensing transition barriers for mortgage loan originators who are moving from depository to nondepository institutions.

My response is necessarily limited, but we do offer the SAFE Tune-up, which is an inexpensive mini-audit that provides substantive guidance in handling SAFE compliance. Order the SAFE Tune-up HERE.

I am glad to provide a short and sweet audit checklist for general compliance with the SAFE Act, which you can use in your compliance self-assessments. Request the checklist HERE and we'll send you a copy!



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Lenders must have effective quality control processes throughout their origination cycle.

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Jonathan Foxx - Portrait


Chairman & Managing Director









 

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