MBA: Virginia Governor Should Sign Transitional MLO Licensing Bill

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As we previously reported, the Virginia Senate and House recently unanimously passed legislation that would authorize the Virginia State Corporation Commission to issue transitional MLO licenses. On March 3, 2014, David H. Stevens, President and CEO of the Mortgage Bankers Association (MBA), sent a letter to Virginia Governor Terry McAuliffe strongly encouraging the Governor to sign the Senate Bill 118 and House Bill 954 into law. The MBA previously submitted a similar letter to members of Virginia's Senate and House Commerce and Labor Committees before passage. If the legislation is enacted, Virginia would become the fourth state to grant transitional licenses to out-of-state MLOs and federally registered loan originators.


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