The new Temporary Authority act that came into effect on November 24, 2019, is to help serve qualified Mortgage Loan Originators who are changing employment from a depository institution to a state licensed mortgage company and/or qualified state licensed Mortgage Loan Originators seeking licensure in another state.
This allows the origination of loans while completing any state-specific requirements for licensure such as education and testing. The timeframe for this education and testing must be completed within 120 days after the application submission if the individual is deemed Eligible for Temporary Authority.
In order to be eligible a Mortgage Loan Originator must either be continuously registered throughout the one-year period or continuously licensed throughout the 30-day period preceding the date of application. A break in service for an MLO must not exceed 14 days. The break in service is calculated from the beginning of either the Mortgage Loan Originator’s federal deregistration or state licensure termination, until the employer submits a sponsorship request.
* Email: DDurant@PRMG.NET
( Office: 951-226-3511
( Direct: 951-547-7101
***Sent Danielle Macias an email for explanation on this and into paragraph 2/18/2020.***