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 add-
ing 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 
INSTITUTION 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 
paragraph (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 ju-
risdiction; 
‘‘(B) has not been subject to or served 
with a cease and desist order in any govern-
mental jurisdiction or as described in section 
1514(c);
‘‘(C) has not been convicted of a felony 
that would preclude licensure under the law of 
the application 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 informa-
tion 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 with-
draws the application to be a State-licensed 
loan originator in the application State; 
‘‘(B) the date that the application State 
denies, or issues a notice of intent to deny, the 
application; 
‘‘(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 appli-
cation, if the application is listed on the Nation-
wide Mortgage Licensing System and Registry 
as incomplete. 
‘‘(b) TEMPORARY AUTHORITY TO ORIGINATE LOANS 
FOR
STATE-LICENSED
LOAN
ORIGINATORS
MOVING 
INTERSTATE.— 
‘‘(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-licensed 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 informa-
tion required under section 1505(a) in connec-
tion with the application submitted to the appli-
cation 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-
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 
denies, or issues a notice of intent to deny, the 
application; 
‘‘(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 
submits 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 origi-
nator licensed by the application State.
‘‘(2) Any individual who is deemed to have tem-
porary authority to act as a loan originator in an ap-
plication State pursuant to this section and who en-
gages in residential mortgage loan origination activi-
ties 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. 
‘‘(d) DEFINITIONS.—In this section, the following 
definitions shall apply: 
‘‘(1) STATE-LICENSED MORTGAGE COMPANY.— 
The term ‘State-licensed mortgage company’ means 
an entity licensed or registered under the law of any 
State to engage in residential mortgage loan origina-
tion and processing activities. 
‘‘(2) APPLICATION STATE.—The term ‘applica-
tion State’ means a State in which a registered loan 
originator or a State-licensed loan originator seeks 
to be licensed.’’. 
(b) TABLE OF CONTENTS AMENDMENT.—The table 
of contents in section 1(b) of the Housing and Economic 
Recovery Act of 2008 (42 U.S.C. 4501 note) is amended 
by inserting after the item relating to section 1517 the 
following: 
‘‘Sec. 1518. Employment transition of loan originators.’’.