Temporary Authority Update

Stacey Valerio
Ballard Spahr LLP
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  • Both Virginia and Utah have enacted legislation to permit temporary authority to operate as a mortgage loan originator in their respective states pursuant to the SAFE Act.
  • Separately, the VA amendments provide for expiration of pre-licensure education consistent with "rules as may be established by the Registry" [NMLS], and prohibit expired courses from counting towards pre-licensure education requirements. (A March 1, 2019, guide to state-specific education requirements is available on the NMLS resource center.
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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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