Bulletin re: SAFE Act and transitional licensing of mortgage loan originators
This material is for reference only.
On May 24, 2018, the President signed the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA). Section 106 of EGRRCPA, entitled “Eliminating Barriers to Jobs for Loan Originators,” amends the SAFE Act by providing temporary authority to loan originators in specific circumstances. That section of the EGRRCPA takes effect November 24, 2019. This Bulletin does not currently reflect the EGRRCPA. For more information on the changes to the SAFE Act, refer to and the Bureau’s FAQs, “ Secure and Fair Enforcement for Mortgage Licensing Act FAQs.”
This Bulletin is being issued in response to several inquiries the Consumer Financial Protection Bureau (CFPB or Bureau) has received regarding whether states may, consistent with the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act), permit transitional licensing of mortgage loan originators.
CFPB Bulletin 2012-05