Like
it or not...mortgage regulation is here. And, the new requirements
for Mortgage Professionals are sending reverberations and shock
waves throughout our industry. This article is a great update...
In
case you haven't noticed, many states are now testing.The
exam is a requirement of the Housing and Economic Recovery Act
of 2008 and known as S.A.F.E., The Secure and Fair Enforcement
for Mortgage Licensing Act.
Just as a review, the S.A.F.E. Act
establishes minimum standards
for both mortgage training and continuing education.The
test requires...
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