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

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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.

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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