The Consumer Financial Protection Bureau (CFPB) has issued an interpretive rule clarifying screening and training requirements for financial institutions which employ loan originators with temporary authority.
The rule will be effective Nov. 24 to align with the Economic Growth, Regulatory Relief, and Consumer Protection Act’s amendments to the Secure and Fair Enforcement for Mortgage Licensing Act, which gives individuals temporary authority to originate loans.
Read on for details on the CFPB’s new rule.
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