IB 
Union Calendar No. 454 
114TH CONGRESS 
2D SESSION 
H. R. 2121 
[Report No. 114–584] 
To amend the S.A.F.E. Mortgage Licensing Act of 2008 to provide a tem-
porary license for loan originators transitioning between employers, and 
for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
APRIL 29, 2015 
Mr. STIVERS (for himself, Ms. SEWELL of Alabama, Mr. WESTMORELAND, 
Mrs. BEATTY, Mr. MESSER, and Ms. SINEMA) introduced the following 
bill; which was referred to the Committee on Financial Services 
MAY 23, 2016 
Additional sponsors: Mr. PERLMUTTER, Mrs. CAROLYN B. MALONEY of New 
York, Mr. HUIZENGA of Michigan, Mr. CARNEY, Mr. MULVANEY, Mr. 
SHERMAN, Mr. TIPTON, Mr. LUETKEMEYER, Mr. ROSS, Mr. DELANEY, 
Mr. UPTON, Mr. KILDEE, Mr. GRIFFITH, Mr. SIRES, Ms. MOORE, Mr. 
RIGELL, Mr. CLEAVER, Mr. SEAN PATRICK MALONEY of New York, Mr. 
DAVID SCOTT of Georgia, Mr. MEEKS, Mrs. LOVE, Mr. POLIS, Mr. 
FINCHER, Mr. LARSON of Connecticut, Mr. HIMES, Mr. NEUGEBAUER, 
Mr. QUIGLEY, Mr. FOSTER, Mr. POLIQUIN, Mr. YODER, Mr. COFFMAN, 
Mr. WILLIAMS, Mr. PITTENGER, Mr. POSEY, Mr. BARR, Mrs. COMSTOCK, 
Mr. ASHFORD, Mr. MOOLENAAR, Mr. FORBES, Mrs. BLACKBURN, Mrs. 
MILLER of Michigan, Ms. MICHELLE LUJAN GRISHAM of New Mexico, 
Mr. RUPPERSBERGER, Mr. RENACCI, Mr. MURPHY of Pennsylvania, and 
Mr. TURNER 
MAY 23, 2016 
Reported with an amendment, committed to the Committee of the Whole 
House on the State of the Union, and ordered to be printed 
[Strike out all after the enacting clause and insert the part printed in italic] 
[For text of introduced bill, see copy of bill as introduced on April 29, 2015] 
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A BILL 
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. 
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Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. ELIMINATING BARRIERS TO JOBS FOR LOAN 
ORIGINATORS. 
(a) IN GENERAL.—The S.A.F.E. Mortgage Licensing 
Act of 2008 (12 U.S.C. 5101 et seq.) is amended by adding 
at the end the following: 
‘‘SEC. 1518. EMPLOYMENT TRANSITION OF LOAN ORIGINA-
TORS. 
‘‘(a) TEMPORARY AUTHORITY TO ORIGINATE LOANS 
FOR LOAN ORIGINATORS MOVING FROM A DEPOSITORY IN-
STITUTION TO A NON-DEPOSITORY INSTITUTION.— 
‘‘(1) IN
GENERAL.—Upon employment by a 
State-licensed mortgage company, an individual who 
is a registered loan originator shall be deemed to have 
temporary authority to act as a loan originator in an 
application State for the period described in para-
graph (2) if the individual— 
‘‘(A) has not had an application for a loan 
originator license denied, or had such a license 
revoked or suspended in any governmental juris-
diction; 
‘‘(B) has not been subject to or served with 
a cease and desist order in any governmental ju-
risdiction or as described in section 1514(c); 
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‘‘(C) has not been convicted of a felony that 
would preclude licensure under the law of the ap-
plication State; 
‘‘(D) has submitted an application to be a 
State-licensed loan originator in the application 
State; and 
‘‘(E) was registered in the Nationwide 
Mortgage Licensing System and Registry as a 
loan originator during the 12-month period pre-
ceding the date of submission of the information 
required under section 1505(a). 
‘‘(2) PERIOD.—The period described in para-
graph (1) shall begin on the date that the individual 
submits the information required under section 
1505(a) and shall end on the earliest of— 
‘‘(A) the date that the individual withdraws 
the application to be a State-licensed loan origi-
nator in the application State; 
‘‘(B) the date that the application State de-
nies, or issues a notice of intent to deny, the ap-
plication; 
‘‘(C) the date that the application State 
grants a State license; or 
‘‘(D) the date that is 120 days after the date 
on which the individual submits the application, 
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if the application is listed on the Nationwide 
Mortgage Licensing System and Registry as in-
complete. 
‘‘(b) TEMPORARY AUTHORITY TO ORIGINATE LOANS 
FOR STATE-LICENSED LOAN ORIGINATORS MOVING INTER-
STATE.— 
‘‘(1) IN GENERAL.—A State-licensed loan origi-
nator shall be deemed to have temporary authority to 
act as a loan originator in an application State for 
the period described in paragraph (2) if the State-li-
censed loan originator— 
‘‘(A) meets the requirements of subpara-
graphs (A), (B), (C), and (D) of subsection 
(a)(1); 
‘‘(B) is employed by a State-licensed mort-
gage company in the application State; and 
‘‘(C) was licensed in a State that is not the 
application State during the 30-day period pre-
ceding the date of submission of the information 
required under section 1505(a) in connection 
with the application submitted to the application 
State. 
‘‘(2) PERIOD.—The period described in para-
graph (1) shall begin on the date that the State-li-
censed loan originator submits the information re-
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quired under section 1505(a) in connection with the 
application submitted to the application State and 
end on the earliest of— 
‘‘(A) the date that the State-licensed loan 
originator withdraws the application to be a 
State-licensed loan originator in the application 
State; 
‘‘(B) the date that the application State de-
nies, or issues a notice of intent to deny, the ap-
plication; 
‘‘(C) the date that the application State 
grants a State license; or 
‘‘(D) the date that is 120 days after the date 
on which the State-licensed loan originator sub-
mits the application, if the application is listed 
on the Nationwide Mortgage Licensing System 
and Registry as incomplete. 
‘‘(c) APPLICABILITY.— 
‘‘(1) Any person employing an individual who is 
deemed to have temporary authority to act as a loan 
originator in an application State pursuant to this 
section shall be subject to the requirements of this title 
and to applicable State law to the same extent as if 
such individual was a State-licensed loan originator 
licensed by the application State. 
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