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U.S. GOVERNMENT
INFORMATION
Gp
115TH CONGRESS REPORT
2d Session HOUSE OF REPRESENTATIVES 115-552
TO AMEND THE S.A.F.E. MORTGAGE LICENSING ACT OF 2008 TO PROVIDE
A TEMPORARY LICENSE FOR LOAN ORIGINATORS TRANSITIONING BE-
TWEEN EMPLOYERS, AND FOR OTHER PURPOSES
FEBRUARY 13, 2018.-Committed to the Committee of the Whole House on the State
of the Union and ordered to be printed
Mr. HENSARLING, from the Committee on Financial Services,
submitted the following
REPORT
[To accompany H.R. 2948]
[Including cost estimate of the Congressional Budget Office]
The Committee on Financial Services, to whom was referred the
bill (H.R. 2948) to amend the S.A.F.E. Mortgage Licensing Act of
2008 to provide a temporary license for loan originators
transitioning between employers, and for other purposes, having
considered the same, reports favorably thereon without amendment
and recommends that the bill do pass.
PURPOSE AND SUMMARY
Introduced on June 20, 2017, by Representative Stivers, H.R.
2948 amends the Secure and Fair Enforcement (SAFE) Mortgage
Licensing Act of 2008 to provide temporary loan-origination author-
ity for registered loan originators: (1) moving from a financial insti-
tution to a state-licensed non-bank originator, or (2) moving inter-
state to a state-licensed loan originator in another state. This legis-
lation also updates civil liability protections to ensure that those
protections continue to apply where state regulators use the Na-
tional Mortgage Licensing System and Registry (NMLS) as a li-
censing system for financial services providers other than loan
originators.
BACKGROUND AND NEED FOR LEGISLATION
Congress enacted the Secure and Fair Enforcement (SAFE) Mort-
gage Licensing Act of 2008 (SAFE Act) as part of the Housing
and Economic Recovery Act (HERA). The SAFE Act created state
licensing or registration requirements for mortgage loan originators
(MLOs). MLOs working as loan officers in federally-regulated de-
pository institutions were required to register with the National
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