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#1884702 - 01/09/14 06:56 PM Licensed and Registered MLO
courtney55 Offline
Junior Member
Joined: Feb 2012
Posts: 25
According to the new rules, under Loan Originator Qualifications,the rule requires loan originators to be licensed AND registered IF required under state or federal law and requires the organizations that hire them to ensure they are licensed OR registered.

We just lost our compliance officer and this is now my responsibility to make sure we are in compliance with the new Dodd Frank revisions.
1. IF required under state or federal law. First, I dont know what Texas requires, but does federal law trump state law? Isnt Dodd Frank a federal law?
2. Who would fit the definition of a loan originator that would not have to be licensed?
Any help is appreciated.

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Mortgage Servicing Rules
#1884755 - 01/09/14 07:35 PM Re: Licensed and Registered MLO courtney55
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 78,958
Galveston, TX
does federal law trump state law? No.

Texas law for licensing is a one prong test, while the SAFE Act is a two prong test. If you are a bank employee and are registered however, you don't need to be licensed.
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