H.R.2379 - Qualified Mortgage Loan Originator Transitional Authority Act of 2013113th Congress (2013-2014)
Summary: H.R.2379 — 113th Congress (2013-2014)
Introduced in House (06/14/2013)
Qualified Mortgage Loan Originator Transitional Authority Act of 2013 - Amends the S.A.F.E. Mortgage Listening Act of 2008 with respect to the prohibition against an individual's engaging in the business of a loan originator without first obtaining (and maintaining annually) a registration as a registered loan originator or a license and registration as a state-licensed loan originator, as well as obtaining a unique identifier.
Authorizes certain individuals who are qualified registered loan originators under the Truth in Lending Act, however, to act as a loan originator, during a 90-day period following submission of background check materials, under the supervision of a state-licensed firm that engages in loan origination. Terminates the individual's authority to act as a loan originator upon the end of such 90-day period.