No License Holding you back?
NOT ANY MORE! As of Nov 24/2019, a Bank Loan Officer can move from a Bank to a Broker or Direct lender and begin Originating loans immediately, you will have 120 Days to complete the required training and write the Test. Its called "Temporary Authority to Operate"
The Economic Growth, Regulatory Relief, and Consumer Protection Act, 12 U.S.C. 5101 et seq., (S. 2155) was signed into law on May 24, 2018 and became effective November 24, 2019. This amendment to the 2008 SAFE Act permits eligible MLOs to originate loans while completing state specific requirements such as testing and education. The amendment applies to qualified MLOs who are changing employment from a depository institution to a state-licensed mortgage company, and qualified statelicensed MLOs seeking licensure in another state.