SAFE Act Violations: Our Top Five
Our Review Team looks at a financial institution’s compliance with the SAFE Act (The Secure and Fair Enforcement for Mortgage Licensing Act) requirements day in and day out. Here are the top five violations we see:
- The SAFE Act Officer is a Mortgage Loan Originator (MLO)
- Not monitoring to ensure an MLO is below the minimum (six transactions)
- No third-party oversight
- Failure to update MLO information and/or the annual renewal within required timeframes
- Not providing the NMLS unique identifier when required.
Jerod explains these more in the video.
2024/11/26
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!