SAFE Act Requirements
The purpose behind the SAFE Act is multi-faceted, but in a nutshell, it seeks to track mortgage loan originators (MLOs), enhance MLO accountability, improve consumer protection, reduce mortgage loan fraud, and provide access to certain MLO background information. To accomplish these goals, the SAFE Act requires MLOs to be licensed and registered using the Nationwide Mortgage Licensing System (NMLS). MLO information must be updated, as applicable, and renewed annually. In general, financial institutions must:
- Register and obtain a unique identifier;
- Ensure any employees who act as MLOs register; obtain a unique identifier; maintain that registration, and,
- Implement written policies and procedures to help ensure compliance, including an independent test at least annually.
Jerod explains more in the video.
20241/11/04
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!