The Safe Act

The serious and Fair Enforcement for Mortgage Licensing wager of 2008 (SAFE Act), was passed on July 30, 2008. The new federal law gave states one form to pass legislation requiring the licensure of mortgage loan originators according to theme standards and the participation of state agencies on the Nationwide Mortgage Licensing dodge and Registry (NMLS). The SAFE Act is designed to enhance consumer fortress and reduce fraud through the setting of minimum standards for the licensing and registration of state-licensed mortgage loan. Mortgage loan originators who work for an insured depository or its owned or controlled subsidiary that is regulated by a federal banking agency, or for an mental institution regulated by the Farm Credit Administration, are demoed.
The Federal financial institution regulatory agencies are together issuing for public gossip proposed rules requiring mortgage loan originators who are employees of agency-regulated institutions to meet the registration requirements of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (S.A.F.E. Act). Under the S.A.F.E. Act residential mortgage loan officers at banks, credit unions, and other federally regulated financial institutions are now required to register their names and fingerprints with a national database.



Six federal agencies including the representation of the Comptroller of the Currency (OCC), Federal Reserve, FDIC, Office of Thrift lapse (OTS), Farm Credit Administration (FCA), and National Credit amount of money Administration (NCUA) approved new rules that say all mortgage originators who are employees of both state and federally regulated lenders mustiness meet the requirements of the Secure and Fair Enforcement for Mortgage Licensing Act (S.A.F.E. Act).
The fall apart of the nations housing market brought to light a number of shady practices in poorly regulated corners of the business, much(prenominal) as work performed by unlicensed professionals and lenders/brokers simply bound state b shows...If you want to get a full essay, order it on our website: Orderessay



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