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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
6/14/2013--Introduced. Qualified Mortgage Loan Originator Transitional Authority Act of 2013 - Amends the S.A.F.E. Mortgage Licensing Act of 2008 with respect to the prohibition against an individual's engaging in the business of a loan originator without first obtaining (and maintaining annually) a registration as a registered loan originator or a license and registration as a state-licensed loan originator, as well as obtaining a unique identifier.
Authorizes certain individuals who are qualified registered loan originators under the Truth in Lending Act to act as a loan originator, during a 90-day period following submission of background check materials, under the supervision of a state-licensed firm that engages in loan origination. Terminates the individual's authority to act as a loan originator upon the end of such 90-day period.