Banking
Jan. 6, 2015
Updates to mortgage originator licensing rules in 2015
The Uniform State Test was launched in April 2013, and many states quickly moved to implement it. California, however had been slower than other states. But this past July, that changed. By Jonathan W. Cannon
In 2008, Congress passed the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act). The SAFE Act was intended to "increase uniformity, reduce regulatory burden, enhance consumer protection, and reduce fraud" in the residential mortgage industry. Among other things, it requires all individual mortgage loan originators to obtain a federal registration. Loan originators working for state-licensed mortgage companies must o...
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