LO registration – not required under SAFE but now?

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• September 7, 2012 at 3:56 pm EDT #2526
  aslauter

  Member

  In reading the new TILA Loan Originator rules, seems we may be faced with registering additional folks as MLO’s that weren’t covered under the SAFE Act – for example – I have FSR’s that take Home Equity Loan applications. They don’t offer or negotiate terms – we made sure of that so that we didn’t have to register them last year under the SAFE Act – but now it looks like we may have to register them anyway because of the more generous definition under TILA. Is everyone else reading it this way?

  September 13, 2012 at 6:03 pm EDT #2969
  jholzknecht

  Keymaster

  I agree. The revised definition of “mortgage loan originator” in the proposed rule does expend the community of those who must register.

  September 13, 2012 at 7:58 pm EDT #2971
  aslauter

  Member

  Ughhh! o.k. so this is the answer I was expecting but NOT the one I wanted. 😉

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