Rep. Spencer Bachus (R-AL), the top Republican on the Financial Services Committee, made the following statement regarding the implementation of the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act), which he authored. Rep. Bachus introduced HR 3012, the Fair Mortgage Practices Act, on July 12, 2007. The provisions in the legislation were signed into law on July 30, 2008 (PL 110-289).
"The significant progress that has been made in complying with the SAFE Act will protect consumers as they navigate the home financing process.
"It is encouraging that State regulators have so quickly begun using the new tools Congress provided to protect homebuyers from unscrupulous mortgage originators. The law was designed to bring accountability and transparency to this process. I am glad it is working."
The CSBS reported that:
► Forty-nine states and the District of Columbia have enacted or introduced legislation to implement the SAFE Act.
► Forty-three states and the District of Columbia have already enacted legislation.
► Twenty-six states are participating in the Nationwide Mortgage Licensing System (NMLS), with 90 percent of states scheduled to participate in NMLS by January of 2010.
For more information, visit bachus.house.gov.