Thanks to the help of a state senator, loan officers in Georgia will have more time to comply with the Secure and Fair Enforcement Mortgage Licensing Act of 2008.
Originators in the state had faced an April 30 deadline to comply with SAFE certification.
But many of the loan officers were completely unaware of the deadline.
So several of the states originators, joined by Democratic Georgia Sen. Donzella James, paid a visit to the Georgia Department of Banking and Finance to ask for more time.
“Some of these loan officers have been in business for 15 or 20 years and were unaware of the new certification regulations,” James said in a prepared statement. “It would be a shame for these professionals to be put out of business because of a poorly communicated requirement change.”
The state relented, and the deadline was pushed back to July 31.
As long as an originator is lawfully employed by either a mortgage broker or a mortgage banker, he or she can continue to originate mortgages until the end of July.
“It’s so important that we keep our mortgage loan originators in business. These men and women are supporting the community by extending credit to those that may not qualify at traditional banks,” the senator said in the statements. “In a time where banks are strapped for cash and some are involved in poor lending procedures, the loan originators are the ones that can help Georgia reach economic recovery.”
