Temporary Authority to Originate Loans for Loan Originators Moving From a Depository Institution to a Non-Depository Institution:

• Upon becoming employed by a State-licensed mortgage company, an individual who is a registered loan originator will be deemed to have temporary authority to act as a loan originator if the individual:
  1. Has not had an application for a loan originator license denied, or revoked or suspended;
  2. Has not been subject to, or served with a cease and desist order in any governmental jurisdiction or under 12 U.S.C. §1514(c).
  3. Has not been convicted of a misdemeanor or felony that would preclude licensing under the law of the application State;
  4. Has submitted an application to be a loan originator in the State; and
  5. Was registered in the (NMLS) National Multi-State Licensing System as a loan originator during the 1-year period preceding the date that the required information is submitted.
  6. The temporary authority shall not exceed 120 days after the date the application is submitted, and can be sooner if withdrawn, denied or granted.

Temporary Authority to Originate Loans for State-Licensed Loan Originators Moving Interstate:

• A State-licensed loan originator shall be deemed to have temporary authority to act as a loan originator if the individual:
  1. Has met all the requirements of A, B, C and D in Part 1 above;
  2. Is employed by a State-licensed mortgage company in the State; and
  3. Was licensed in a State that is not the application State during the 30-day period preceding the date that the required information is submitted.
  4. The temporary authority must not exceed 120 days after the date the application is submitted, and can be sooner if withdrawn, denied or granted.

Any Employer of a loan originator who has temporary authority to act as a loan originator will be subject to the same requirements of Federal and State laws as if that individual was State-licensed.

Any individual who has temporary authority to act as a loan originator will be subject to the same requirements of Federal and State laws as if that individual was State-licensed.