SAFE, or Out? Who's In, Who's Not Under the SAFE Act
Thomson ReutersClinton R. Rockwell
It’s been four years since the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 was signed into law. The SAFE Act encouraged states to establish a statutory framework for licensing “loan originators” — that is, individuals who take residential mortgage loan applications and offer or negotiate loan terms for compensation or gain. In enacting the SAFE Act, Congress sought to address non-uniform state licensing laws, which were seen as contributing to the mortgage and foreclosure crisis.
Copyright Thomson Reuters 2012, reprinted with permission.