The SAFE Act's Unlevel Playing Field: Nondepository Mortgage Lenders Face Much Steeper Compliance Costs Under the SAFE Act's Licensing Provisions

more+
less-

Since Congress passed the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (the SAFE Act), mortgage loan originators and non-depository mortgage companies have learned that the promised uniformity of regulation between them and loan officers employed by banks has been largely elusive. Implementation of the SAFE Act has resulted in unequal regulation among industry members, with a vast difference in the compliance burden for depository and nondepository institutions. This article, published in Mortgage Banking in July 2010 (co-authored with Heidi M. Bauer) includes a table outlining the loan originator federal registration requirements compared with the state licensing requirements for nondepository mortgage loan originators. It is reprinted with permission of the Mortgage Bankers Association.

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.
×
Loading...
×