SAFE or Out? Who's In, Who's Not Under the SAFE Act?

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Since the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) was signed into law, the states have adopted licensing laws compliant with the new federal standard, but questions remain about who is covered by the SAFE Act. Originally designed to cover mortgage loan originators, presently there is confusion about whether it also covers those engaged in loan modification, housing counselors, and even individual property sellers. The authors (Daniel J. Ladd and Clinton Rockwell) analyze the SAFE Act language and its troublesome definitions, which create ambiguity in its scope. They anticipate that in the future, new and different participants in the residential mortgage loan origination industry will have to address the issue whether or not licensing applies to them.

This article is reprinted with permission of the Consumer Financial Services Law Report, copyright 2012 Thomson Reuters.

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