Credit Union Act ( 12 U.S.C. 1757a ). 106. Eliminating barriers to jobs for loan originators (a) In general The S.A.F.E. Mortgage Licensing Act of 2008 ( 12 U.S.C. 5101 et seq.) is amended by adding at the end the following: 1518. Employment transition of loan originators (a) Definitions In this section: (1) Application State The term application State means a State in which a registered loan originator or a State-licensed loan originator seeks to be licensed. (2) State-licensed mortgage company The term State-licensed mortgage company means an entity that is licensed or registered under the law of any State to engage in residential mortgage loan origination and processing activities. (b) Temporary authority To originate loans for loan originators moving from a depository institution to a non-Depository institution (1) In general Upon becoming employed by a State-licensed mortgage company, an individual who is a registered loan originator shall be deemed to have temporary authority to act as a loan originator in an application State for the period described in paragraph (2) if the individual— (A) has not had— (i) an application for a loan originator license denied