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.
Published
2024/11/26