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Home » Store » IMFnews » Lenders Pushing for House Vote on Bill Helping LOs Move From Banks to Nonbanks, Mortgage Brokers Raise Concerns

Lenders Pushing for House Vote on Bill Helping LOs Move From Banks to Nonbanks, Mortgage Brokers Raise Concerns

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Lenders and mortgage brokers are at odds over a House bill that would make it easier for loan originators to leave jobs at depository institutions and go to work for nonbank lenders. The Mortgage Bankers Association is pushing for a vote in the House on H.R. 2121, the SAFE Transitional Licensing Act of 2015. The bill was approved by the House Financial Services Committee in March on a 56-0 vote. The unanimous bipartisan support for the bill was fairly rare and suggested strong prospects for the legislation to move forward. However, a vote in the House has yet...
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