The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) (PL 110-289, 12 CFR 1007) was passed on July 30, 2008. The act required state legislatures to pass laws requiring the licensure of mortgage loan originators according to national standards and the participation of state agencies on the Nationwide Mortgage Licensing System and Registry (NMLS). The SAFE Act is designed to enhance consumer protection and reduce fraud through the setting of minimum standards for the licensing and registration of state-licensed mortgage loan.

Under the SAFE Act and the agencies’ final rules, residential mortgage loan originators employed by banks, savings associations, credit unions, or Farm Credit System institutions must register with the Nationwide Mortgage Licensing System and Registry, obtain a unique identifier from the registry, and maintain their registrations. Institutions that employ mortgage loan originators (MLOs) must adopt and follow written policies and procedures designed to assure compliance with the final rule, which sets minimum standards.

Compliance Worktools

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