Please note that North Carolina has revised their SAFE Act to now require an MLO who fails to maintain a valid license to re-take their SAFE exam after 5 years. Their law previously stated that the exam must be taken 3 years after license expiration. This change went into effect on June 12th. Below is [...]
In October 2011, the Consumer Financial Protection Bureau released the first edition of the CFPB Supervision and Examination Manual, a guide that explains how the CFPB will supervise and examine consumer financial service providers under its jurisdiction for compliance with Federal consumer financial law. Training is a key component of this new examination. Choose the [...]
Mortgage professionals around the country have been taught about and held accountable for fair lending practices and the Equal Credit Opportunity Act (ECOA) since its enactment in 1974. The Consumer Financial Protection Bureau (CFPB) released a statement yesterday regarding their intentions to eliminate credit discrimination under the ECOA. They are giving “fair notice” that they [...]
On July 30th, 2008, the President signed the Housing and Economic Recovery Act of 2008 (H.R. 3221) into law to stabilize the housing market and help alleviate the financial crisis. Title V of the Act, the Secure and Fair Enforcement (S.A.F.E.) for Mortgage Licensing Act of 2008, is specific to the registration and education of mortgage loan originators across the country to aid with consumer protection and fraud reduction.
The S.A.F.E. Mortgage Licensing Act mandates that all loan originators be licensed through the Nationwide Mortgage Licensing System and Registry (NMLS) and establishes uniform minimum national standards for testing and both pre-licensing and continuing education.