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SAFE Mortgage Licensing Act
February 3rd, 2011 3:02 PM

Did you know that the SAFE Act of 2008 requires Mortgage Loan Originators be registered with the Nationwide Mortgage Licensing System and Registry?

The final rule become effective on October 1, 2010.  Under the final rule and the Federal Register notice:

  • Individual residential mortgage loan originators employed by Agency-regulated institutions must:
    • Register with the Registry and maintain their registration.
    • Obtain a unique identifier through the Registry that will remain with that originator, regardless of employment changes. Mortgage loan originators and their employing institutions must provide their unique identifiers to consumers.
  • Agency-regulated institutions must:
    • Require their employees who are mortgage loan originators to comply with these requirements.
    • Adopt and follow written policies and procedures to assure compliance with the registration requirements.

The consumer web address to check the license status of your Mortgage Loan Originator and is:

http://www.nmlsconsumeraccess.org/Home.aspx/MainSearch
 I hope you find this helpful!


Posted in:General
Posted by Teresa Molina on February 3rd, 2011 3:02 PMPost a Comment

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