Secure and Fair Enforcement in Mortgage Licensing Act (SAFE Act)

This is a policy guide to comply with requirements under the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) for mortgage lenders. This 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

SAFE ACT POLICY

• PURPOSE
• SCOPE

ORIGINATOR LICENSING REQUIREMENTS

• INDEPENDENT CONTRACTORS (PROCESSORS & UNDERWRITERS)
• EXEMPTIONS FROM LICENSING AS A LOAN ORIGINATOR
• DUAL SERVICES
• NOTIFICATIONS
• USE OF UNIQUE IDENTIFIER

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

TRANSITIONAL LICENSING

APPENDIX A (Definitions)

• ADMINISTRATIVE OR CLERICAL TASKS
• 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

APPENDIX B - EXAMPLES OF MORTGAGE LOAN ORIGINATOR ACTIVITIES

APPENDIX C - INDEPENDENT CONTRACTORS AND LOAN PROCESSOR AND UNDERWRITER ACTIVITIES THAT REQUIRE A STATE MORTGAGE LOAN ORIGINATOR LICENSE