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

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

1. Title V of HERA

   • Minimum Standards must be met
     • Never had a loan originator license revoked in any governmantal jurisdiction
     • Never been convicted of, or pled guilty or nolocentendere to, a felony in any court
       • During the 7 year period preceding the date of application
         • At any time if the felony involved an act of fraud, dishonesty, a breach of trust or money laundering
     • Completed the pre-licensing education requirements and passed the applicable licensing test
       • 20 hours of NMLS approved education is required
         • 3 hours of laws and regulations/ 3 hours of ethics, fraud, consumer protection, and fair lending, and 2 hours of nontraditional mortgage market place
           • Following the licensure originators are required to obtain 8 hours annually, 3 laws and regulations, 2 ethics, and 2 nontraditional mortgage market place
     • Met wither a net worth of surety bond requirement or paid into a state fund as applicable
     • 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

2. Loan originators must sumbit to a comprehensive background check, including submission of finger prints, civil and criminal history, and a credit report

3. Provides consumers with access to information about registrants/licensees, such as enforcement actions

   • Facilitates collection and distribution of consumer complaints between state regulators

4. Secure and Fair Enforcement for Mortgage licensing act