Mortgage Brokering - SAFE Act

This is a policy guide to comply with the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) as a mortgage broker. This is a separate policy guide. Once purchased this guide will be customized to your specifications. You will receive an immediate invoice receipt with a download link to a questionnaire with some simple questions to answer and receive your customized guide within 24-48 hours. This is written for independent mortgage bankers but can be customized for depository financial institutions and credit unions. 

Table of Contents

Purpose and Scope

• Purpose
• Scope

Originator Licensing Requirements

Individual Licensing

• Independent Contractors (Processors & Underwriters)
• Exemptions from Licensing as a Loan Originator

Minimum Standards

• License Revocation
• General Fitness

Initial Licensing

• Education
• Uniform State Testing
• Fees
• Background Checks/Fingerprinting/Personal History/Credit Report
• Net Worth/Surety Bonds
• Remote Locations

Licensing Renewals

• Continuing Education
• Continuing Education Credits
• Fees
• Lapse in Licensing

Notifications

Use of Unique Identifier

Transitional Licensing

Dual Services

Exhibits

Exhibit A - Glossary of Defined Terms

• Administrative or Clerical Task
• Application
• Clerical or Support Duties
• Dwelling
• Employee
• Independent Contractor
• Loan Originator
• Loan Processor or Underwriter
• NMLSR
• Nontraditional Mortgage
• Origination of a Residential Mortgage Loan
• Offers or Negotiates Terms of a Residential Mortgage Loan
• Real Estate Brokerage Activities
• Residential Mortgage Loan
• Taking a Residential Mortgage Loan Application
• Unique Identifier

Exhibit B - Examples of Mortgage Loan Originator Activities

Exhibit C - Independent Contractors and Loan Processor and Underwriter Activities That Require a State Mortgage Loan Originator License