CATEGORY: Compliance Courses

Key Components of the SAFE Act

Course Access: Lifetime
Course Overview

Key Components of the SAFE Act Compliance Course

Mortgage loan originator
licensing was created specifically in Title 5 of HERA. Title 5 is the Secure
and Fair Enforcement for Mortgage Licensing (SAFE) Act. The intent of the SAFE
Act was to help bring long-term stability to the lending industry by
establishing uniform standards for licensing and education standards of
mortgage loan originators across the country. The reason for this was to
protect borrowers from unethical loan officers and/or risky loans, which contributed
to the subprime crisis. 

This course will focus on key components of Title 5 of HERA, the Secure and Fair Enforcement for Mortgage Licensing (SAFE) Act, such as:

  • Increased training requirements to originate loans;
  • A uniform licensing exam;
  • The development of a centralized database called the Nationwide Mortgage
    Licensing System & Registry (NMLSR);