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S.A.F.E. Act/Reg G

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Break down of the S.A.F.E.
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Mind Map by andrea.browne, updated more than 1 year ago
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S.A.F.E. Act/Reg G
  1. Title V of HERA
    1. Minimum Standards must be met
      1. Never had a loan originator license revoked in any governmantal jurisdiction
        1. Never been convicted of, or pled guilty or nolocentendere to, a felony in any court
          1. During the 7 year period preceding the date of application
            1. At any time if the felony involved an act of fraud, dishonesty, a breach of trust or money laundering
          2. Completed the pre-licensing education requirements and passed the applicable licensing test
            1. 20 hours of NMLS approved education is required
              1. 3 hours of laws and regulations/ 3 hours of ethics, fraud, consumer protection, and fair lending, and 2 hours of nontraditional mortgage market place
                1. Following the licensure originators are required to obtain 8 hours annually, 3 laws and regulations, 2 ethics, and 2 nontraditional mortgage market place
            2. Met wither a net worth of surety bond requirement or paid into a state fund as applicable
              1. Demonstrated the financial responbsibility, character, and general fitness to command the confidence of the community and warrant a determination that he/she will operate honestly, fairly, and efficently under reasonable standards established by the individual state
            3. Loan originators must sumbit to a comprehensive background check, including submission of finger prints, civil and criminal history, and a credit report
              1. Provides consumers with access to information about registrants/licensees, such as enforcement actions
                1. Facilitates collection and distribution of consumer complaints between state regulators
                2. Secure and Fair Enforcement for Mortgage licensing act
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