Temporary operating authority for loan officers moving from one state to another is now the law of the land. However, origination firms need to pay attention to potential compliance risks, investor appetite, and state-specific requirements.
The Pennsylvania Department of Banking and Securities unveiled six enforcement actions during the third quarter against licensed mortgage lenders for operating a servicing business without a license.
The bureau issued an interpretive rule that certain screening and training requirements under the Secure and Fair Enforcement for Mortgage Licensing Act do not apply to loan originators with temporary authority.