ATLANTA (May 21, 2010) – Georgia’s mortgage loan originators now have additional time to comply with the federal S.A.F.E. Mortgage Licensing Act of 2008 certification regulations thanks to the efforts of Sen. Donzella James (D-College Park). James, and loan originators from her district, met with the Georgia Department of Banking and Finance this week to propose an extension for certification requirements from April 31, 2010 to July 31, 2010. James worked diligently to extend the deadline after learning that many of her constituents were unaware of the new federal requirements.
“Some of these loan officers have been in business for 15 or 20 years and were unaware of the new certification regulations. Many of them did not know about the new federal licensing requirements until January, leaving them with only a couple months to prepare,” said James. “It would be a shame for these professionals to be put out of business because of a poorly communicated requirement change.”
In an effort to minimize interruptions in employment, the Georgia Department of Banking and Finance will allow loan originators lawfully employed by Georgia mortgage brokers and lenders to continue to work until July 31, 2010 unless they have been notified otherwise by the department.
“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,” said James. “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.”
For more information, please contact Sen. James at (404) 914-1285 or email Donzella.James@senate.ga.gov.
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Sen. Donzella James represents the 35th Senate District which includes portions of Douglas and Fulton counties. She may be reached by phone at 404.463.1379 or by e-mail at donzella.james@senate.ga.gov.
PRESS RELEASE
For Immediate Release:
May 21, 2010
For Information Contact:
Natalie Strong, Deputy Press Director
Jennifer Kitt, Press Office Coordinator
Jennifer.Kitt@senate.ga.gov
404.656.0028