1. Short title
This Act may be cited as the “Qualified Mortgage Loan Originator Transitional Authority Act of 2013”.
Qualified Mortgage Loan Originator Transitional Authority Act of 2013
A BILL
To amend the S.A.F.E. Mortgage Licensing Act of 2008 to permit a transitional period of 90 days for completion of requirements for qualified registered mortgage loan originators.
2. Transitional authority for qualified bank mortgage loan originators to be employed by non-bank mortgage lenders
Section 1504 of the S.A.F.E. Mortgage Licensing Act of 2008 (12 U.S.C. 5103) is amended—
in subsection (a), by inserting after “as the case may be,” the following: “and except as provided in subsection (c),”; and
by adding at the end the following:
“(c) Transitional authority—Notwithstanding the requirements of section 1505, an individual who complies with the submission requirements of section 1505(a) and who, within the preceding 60 days, was a registered loan originator that met the standard of being qualified described under section 129B(b)(1)(A) of the Truth in Lending Act (15 U.S.C. 1639b(b)(1)(A)), may act as a loan originator during the 90-day period following such submission, under the supervision of a State-licensed firm that engages in loan origination. Upon the end of such 90-day period, the authority to act as a loan originator conveyed by this subsection shall terminate.”