Dear Mortgage Action Alliance Member:
Earlier today, the House Financial Services Committee voted unanimously to advance H.R. 2948, the SAFE Transitional Licensing Act, which would amend the SAFE Mortgage Licensing Act of 2008 to provide a transitional authority to originate for mortgage loan officers transitioning between federally-insured depositories and non-depositories, as well as across state lines. The broad support of this bill speaks to the impact of over 3,000 industry advocates who collectively contacted nearly 90% of House offices in support of the bill. Your advocacy makes a difference!
The legislation would require states to grant a transitional authority to originate loans to experienced registered loan originators currently employed by a financial institution. These individuals would be able to continue originating loans for 120 days when they move from one type of lender to another, or move to a new state.
A bipartisan companion bill exists in the Senate, (S. 1753), and similar language was included in S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act, which was advanced on a broad, bipartisan basis by the Senate Banking Committee last week.
Advocacy from our industry has kept these priorities front and center all year, and we need your help to ensure this legislation has the support it needs for full House passage. In order to ensure that this bill is considered by the full House, we need to keep up the momentum!
If you have not yet taken action in support of H.R. 2948, please click below and urge your elected officials to support the bill – and urge House leaders to bring it to the House floor for swift consideration!
If you have already taken action, THANK YOU! Please forward this message to your colleagues and encourage them to join us!
If you encounter any issues, please contact Peter Shapiro at (202) 557-2933 or firstname.lastname@example.org. If you did not receive this Call to Action from email@example.com you may not have an active MAA membership. Please click here to sign up for MAA.