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


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.

LOADING PDF: If there are any problems, click here to download the file.

Written by:

Published In:

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© BuckleySandler LLP | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »

All the intelligence you need, in one easy email:

Great! Your first step to building an email digest of JD Supra authors and topics. Log in with LinkedIn so we can start sending your digest...

Sign up for your custom alerts now, using LinkedIn ›

* With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name.