The CFPB recently published four (4) frequently asked questions (“FAQs”) related to the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (“SAFE Act”) and the impact of amendments made as a result of the Economic Growth, Regulatory Relief, and Consumer Protection Act (“EGRRCPA”). The FAQs address the categories of loan originators in the SAFE Act, where loan originators can exercise temporary authority, Bureau guidance on state transitional license availability under the SAFE Act, and what impact EGRRCPA has on the status of state transitional licenses.
