Temporary Authority Update

Stacey Valerio
Ballard Spahr LLP
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Ballard Spahr LLP

  • Both Virginia and Utah have enacted legislation to permit temporary authority to operate as a mortgage loan originator in their respective states pursuant to the SAFE Act.
  • Separately, the VA amendments provide for expiration of pre-licensure education consistent with "rules as may be established by the Registry" [NMLS], and prohibit expired courses from counting towards pre-licensure education requirements. (A March 1, 2019, guide to state-specific education requirements is available on the NMLS resource center.

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