The Nationwide Multistate Licensing System (NMLS) has published a set of FAQs clarifying who has “temporary authority” to act as mortgage loan originators due to amendments to the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155).
The act, which was signed into law May 24, adds a new section entitled “Employment Transition of Loan Originators” that becomes effective Nov. 24.
Read on for details from the new FAQs.
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