What Every Mortgage Broker Should Know About SAFE Act Testing
Unless you’ve been selling real estate on Mars for the past few years, you’ve heard about the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (called the SAFE Mortgage Licensing Act of 2008). The SAFE Act mandates increased federal regulation of the mortgage lending industry, enhanced licensing requirements, and professional liability for mortgage [...]
Patriot Actions: a Citizens Perspective on the Patriot Act
9/11 changed all of our lives. No one can argue that the people of America changed that day. What continues to be of debate is whether the government has the right to amend the laws of the land as they have under the Patriot Act. America demanded protections from terrorists, and we got them; [...]
Requirements For Safe Act Compliance By Mlos
The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (called the SAFE Mortgage Licensing Act of 2008) requires state-licensed mortgage loan originators (MLOs) to fulfill a set of state and federal licensing requirements with the Nationwide Mortgage Licensing System (NMLS). The goal is to reduce fraud, protect consumers, and ensure the public welfare. [...]
The Safe Act, Nmls And What It Means To The Mortgage Industry
Following the dramatic expansion in the United States housing market, default rates on subprime and adjustable rate mortgages (ARM’s) began to rise. Credit tightened and refinancing became more difficult. Home prices fell. The foreclosure epidemic was a contributing factor in the global economic crisis, devastating consumers and forcing banking institutions to cut lending or even [...]
The Mortgage SAFE Act: Safe, or an Act? Check Your Mortgage Expert Carefully
Refinancing to the wrong residential loan could cost you your home, ruin your credit and disrupt family. In an attempt to combat faulty lending practices, earlier this year, lawmakers passed the Secure and Fair Enforcement Mortgage Licensing Act “SAFE Act.” It establishes a national standard mandating consumer protection against fraud and misleading lending practices. Crafted to abolish shoddy residential lending, SAFE [...]