Skip to main content

More states enact SAFE Act legislation

NationalMortgageProfessional.com
Jul 27, 2009

Louisiana, Missouri and New York are three of the latest states to enact legislation in compliance with the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act), which calls for states to establish a scheme for the licensing and supervision of individuals engaging in the business of mortgage loan origination. Louisiana HB 810, Missouri HB 382, and New York AB 6924 each require mortgage loan originators to, among other things, register with the Nationwide Mortgage Licensing System (NMLS), complete pre-licensing and continuing education, submit to fingerprinting for the purpose of a criminal history background check, and meet surety bond coverage requirements. Additionally, on June 30, Indiana Gov. Mitch Daniels signed into law HB 1001, an omnibus bill that permits the Indiana Department of Financial Institutions to adopt emergency regulations to implement the requirements of the SAFE Act; this provision of Indiana HB 1001 became effective July 1, 2009. Louisiana HB 810 becomes effective July 31, 2009; however, the new mortgage loan originator licensing provisions become effective July 31, 2010. Missouri HB 382 became effective July 8, 2009, and New York AB 6924 became effective July 11, 2009; the loan originator licensing provisions of both Acts do not become effective until at least July 31, 2010.
Published
Jul 27, 2009
CFPB Reports Trends In Financial Assistance

The latest developments from this study reveal that most consumers have exited the payment assistance they received at the start of the pandemic.

Analysis and Data
Jul 14, 2021
CFPB Orders GreenSky To Refund $9M In Unauthorized Loans

The consent order requires GreenSky to refund or cancel up to $9 million in loans for the customers harmed by this illegal conduct.

Regulation and Compliance
Jul 13, 2021
CFPB Warns Landlords And Consumer Reporting Agencies To Report Accurate Rental Information

Inaccurate rental or eviction information can unfairly block families and individuals from safe, affordable housing.

Regulation and Compliance
Jul 01, 2021
FHFA Mandates Quarterly Fair Lending Reports

FHFA issued orders for all enterprises to submit quarterly Fair Lending Reports with data and information to improve the FHFA’s capabilities. 

Regulation and Compliance
Jul 01, 2021
FHFA Follows CFPB To Protect Borrowers Once COVID-19 Foreclosure And Eviction Moratoriums End

The Federal Housing Finance Agency made it clear that Fannie Mae and Freddie Mac servicers are not permitted to make first notice or filing for foreclosure that would be prohibited by the CFPB protections for borrowers affected by COVID-19.

Regulation and Compliance
Jun 30, 2021
CFPB Finds Evidence Of Redlining And Deceptive Acts In 2020

Enforcement actions resulted in more than $124 million in consumer remediation and civil money penalties in 2020

Regulation and Compliance
Jun 29, 2021