SAFE

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  1. HERA Overview
    • 2008
    • strengthen regulation of govt sponsored entities
    • provide additional FHA programs to assist homeowners
    • addressing problems caused by the foreclosure crisis
    • establish nation-wide licensing database and education standards
  2. SAFE Act Overview
    • Regulation G
    • Title V of HERA
    • increase uniformity
    • reduce burden of states
    • enhance consumer protection
  3. SAFE Act Two Requirements
    • License/Registration
    • Consumer Protection
  4. Licensing Forms
    • Company Form
    • Branch Form
    • Individual Form
  5. Licence Minimum Standards
    • never had a LO revoked
    • no felony for 7 years, no fraud related felony ever
    • prelicensing education & TEST
    • net worth/surety bond/state fund
    • good character
  6. Background Check
    For LOs
  7. Prelicensing Education
    • 20 hours NMLS approved:
    • -3hrs law
    • -3hrs ethics
    • -2hrs nontraditional mortgage marketplace
  8. Continuing Education
    • annually 8 hours NMLS approved:
    • -3hrs law
    • -2hrs ethics
    • -2hrs nontraditional mortgage marketplace
  9. Consumer Protection
    • provides consumers with access to info about registrants/licensees, such as enforcement actions, etc
    • collects and distributes consumer complaints b/w state regulators
  10. LO Job
    • Assist in completion of application
    • advise on loan terms, rates, fees, other costs

Card Set Information

Author:
reynoldson.ben
ID:
326141
Filename:
SAFE
Updated:
2016-11-29 19:14:39
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