Legislation introduced in the Senate takes bank mortgage originators one step closer to being able to easily transition from a financial institution to a non-bank home lender.
The bill, S. 1753, SAFE Transitional Licensing Act, was introduced on Aug. 3 by Sen. Dean Heller (R-Nevada) and Sen. Bob Menendez (D-New Jersey).
The proposed law is similar to H.R. 2121, which was introduced in the House back in April 2015 by a bipartisan group of lawmakers.
Source: Mortgage Daily