Under the current rules of the SAFE Act, an LO that moves between states or from a bank to a nonbank is required to wait for a new license before they can begin originating at their new job.Ĭontained in H.R. The bill also includes a change to the Secure and Fair Enforcement for Mortgage Licensing (SAFE) Act of 2008 that would allow loan originators to move from a bank to a nonbank and keep originating new mortgages without having to wait for a new license. 3978 is the TRID Improvement Act, which deals with a title insurance issue and how its fees are presented on both the Loan Estimate and the Closing Disclosure forms that are part of TRID. The bill contained five separate bills rolled up into one. 3978, passed Wednesday evening by a vote of 271-145. The bill would also bring changes to the Consumer Financial Protection Bureau’s Know Before You Owe mortgage disclosure rule, also called the TILA-RESPA Integrated Disclosures rule, or TRID. The House of Representatives last night approved a bill that could bring big changes to the mortgage industry, including making it easier for loan originators to move from a traditional bank to a nonbank.
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