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CFPB clarifies loan originator temporary status rules
The Bureau has issued an interpretive rule clarifying screening and training requirements for state-licensed mortgage companies that employ loan originators with temporary authority. The interpretive rule clarifies that the employer is not required to conduct the screening and ensure the training of loan originators with temporary authority. The state will perform the screening and training as part of its review of the individual’s application for a state loan originator license. The rule will be effective on November 24, 2019.