The first of two final steps for implementation of the Secure and Fair Enforcement for Mortgage Licensing Act (the SAFE Act) has been completed. The final regulations are now in place; but we are still waiting for the Registry to open. FINAL REGULATIONS On July 28, 2010 the Comptroller of the Currency, Federal Reserve Board, Federal Deposit Insurance Corporation, Office of Thrift Supervision, Farm Credit Administration, and National Credit Union Administration (jointly referred to as […]
Tag: SAFE Act
Mortgage Loan Originator Registration Requirements
The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (S.A.F.E. Act) became law on July 30, 2008. It requires the licensing of all non-bank mortgage loan originators (MLOs). It also requires a national registry of all MLOs (both bank and non-bank). The licensing and registration of non-bank MLOs has been unfolding during the past two years. Registration of bank MLOs is still in flux. STATUS What is the status of the requirement for […]
Lending Compliance
The world of lending compliance continues to rock. We are still waiting on the new SAFE Act rules and the major revisions to Regulation Z – HELOCs and closed-end mortgages.