SAFE Act (Session Code: 458)
Look Out! Just when you thought you understood the risks and requirements associated with a modern real estate lending program, here comes another sweeping regulatory mandate designed to address problems in the mortgage marketplace. The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act), constitutes a major new housing law that will impact both federal and state chartered credit unions as well as CUSO’s that originate real estate loans.
The SAFE Act is designed to enhance consumer protection and reduce fraud by requiring states to establish minimum standards for the licensing and registration of mortgage loan originators. The law makes additional provisions governing background checks, initial training for loan originators, and maintenance of a publicly accessible database of employment and disciplinary history concerning loan originators. In other words, your individual staff members will need new training, licensing and registration and your credit union will have additional data collection and reporting duties to meet minimum regulatory requirements.
Affiliate: $ 100.00
Out of State Pricing:
Regular: $ 150.00
Contact: Greg Framarin (Illinois Credit Union League)
Telephone - QB - April 02, 2013: 10:00 am CT
Duration: 11:00 am CT