As a result of H.R. 3221,
the Housing and Economic Recovery Act of 2008 signed into law on July 30, 2008, a National Licensing System for Loan Officers called S.A.F.E. (Secure and Fair Enforcement) Mortgage Licensing Act of 2008 is in the works.
In anticipation of new
federal law, most states are already enacting, strengthening, changing, and improving their mortgage licensing requirements to meet and/or exceed any possible new Federal requirements.
Here’s a few of the
requirements being discussed that you should be aware of...
Yes…a National Licensing
System for Loan Officers is in the works. Individual states are scrambling to implement and improve their licensing requirements to be in compliance when the new law takes effect.
There is one particular
requirement being considered in the new bill that you should be aware of and the subject of this article.
If you think that
you’ll be able to escape the coming scrutiny...think again!
Mortgage Marketing