CFPB OKs Some State Mortgage License Transfers

Law360, New York (April 20, 2012, 6:43 PM EDT) -- The nation's top consumer finance watchdog said Thursday that states can issue temporary licenses to mortgage lenders who are properly credentialed in other states.

In a bulletin, the U.S. Consumer Financial Protection Bureau said that the 2008 Secure and Fair Enforcement for Mortgage Licensing Act allows limited reciprocity between states for granting loan originator licenses. The bulletin came in response to questions from state regulators over whether mortgage licenses granted under the SAFE Act could transfer from state to state.

“The bureau is committed to working...
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