May 20, 2010 – (RealEstateRama) — The Georgia Department of Banking and Finance (Department) has just received confirmation from the U.S. Housing and Urban Development (HUD), the federal administrator of the S.A.F.E. Mortgage Licensing Act of 2008, that individuals may continue to conduct business as mortgage loan originators without being licensed until the close of business on July 31, 2010. Therefore, in an effort to minimize possible interruptions in employment the Department will allow loan originators lawfully employed by Georgia mortgage brokers and lenders to continue to work in the industry until the close of business on July 31, 2010, unless they have been notified otherwise by the Department.
Please Note: All complete applications for mortgage loan originator licenses that were received by the Department prior to the close of business on April 16, 2010, will be reviewed and acted upon prior to July 31, 2010. All complete applications for mortgage loan originator licenses received after April 16, 2010, will be reviewed and acted upon on a first come, first serve basis AFTER all the applications received prior to the April 16, 2010, have been processed.
Please be aware that the longer an individual waits to send a complete application to the Department, the greater the likelihood exists that an interruption in his or her employment will occur. All mortgage loan originators that have not had their applications acted upon by this Department by close of business July 31, 2010, must cease operating as a mortgage loan originator until the Department has reviewed and acted upon their applications.
Additionally, it is requested that mortgage loan originators refrain from calling the Department to ask for status updates regarding licensure. The Department is working very diligently to process thousands of applications that have been filed and must direct the full efforts of its limited staff to executing this function. Thank you for your cooperation in this matter.
