SAFE Act: Conducting the Independent Audit

The purpose of the SAFE Act is to protect consumers and reduce fraud in the residential mortgage loan industry. It increases accountability and allows for tracking of Mortgage Loan Originators (MLOs) by assigning unique identifiers (NMLSR #’s) and storing certain information within the Nationwide Mortgage Licensing System and Registry (NMLSR).

The SAFE Act requires that an annual, independent audit be conducted to test for compliance. The audit should look at the various SAFE Act requirements such as policies/procedures, registration status/updates, and use of unique identifiers. The audit may be conducted internally or externally as long as it is truly independent.

Jerod explains more in the video.

Fair Lending Resources!

Published 2026/10/19
Jerod Moyer

Jerod Moyer

Jerod is the leader of Banker’s Compliance Consulting’s training productions. He is a nationally recognized speaker. Whether it’s a conference, seminar, school, webinar or luncheon, it’s easy to stay engaged when he presents due to the amount of passion and energy he brings to each and every compliance topic. Jerod has spoken on behalf of the American Bankers’ Association, BankersOnline, many state banking associations, private compliance groups and financial institutions. He is a Certified Regulatory Compliance Manager (CRCM) and BankersOnline Guru. Jerod likes to spend his time (between reading regulations and producing compliance training!) relaxing at the lake with his wife and three children, following their activities or engaged in something sports-related!

Recent Posts

SAFE Act: Conducting the Independent Audit

Section 1071 Firewall: No Expiration

HMDA: Are Converted Homes Dwellings?

Archives

see all topics
SAFE Act: Conducting the Independent Audit
0:46