Some unlicensed loan officers in Georgia will have a little more time to originate before needing a license.
Georgia’s implementation of the Secure And Fair Enforcement for Mortgage Licensing Act requires that originators submit license applications by March 31. The Georgia Department of Banking and Finance said it expected to act upon the applications by June 30.
“Mortgage loan originators submitting license applications after March 31 may not originate residential loans in Georgia unless and until a license is issued by the department,” the state says online.
But now, loan officers have until July 31 to originate loans in the state without a license, the department announced today. Such originators will need to be lawfully employed by Georgia mortgage brokers or lenders.
Georgia said the extension was approved by the U.S. Housing and Urban Development, which administers the SAFE act.
The move was made to “minimize possible interruptions in employment” for lawfully employed loan originators.
Today’s note indicated that all applications received by April 16 will be handled by July 31, while all subsequently received applications will be handled after that based on when they were received.
