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The S.A.F.E. Act
A New Industry -- A New Day
Today
is a new day in what we know as the residential mortgage industry. As a result
of a national meltdown within the residential mortgage industry and an unusual
high level of foreclosures, the industry has made a change in how things are
now done. In order to originate a residential loan today you must be
registered with a federal agency as well as licensed with the state agency in which you operate. The
Nationwide Mortgage Licensing System (NMLS) is the legal system of record for
licensing in all participating states, the District of Columbia and U.S.
Territories. In these jurisdictions, NMLS
is the official and sole system for companies and individuals seeking to apply
for, amend, renew and surrender licenses managed in the NMLS on behalf of the
jurisdiction’s governmental agencies.
NMLS itself does not grant or deny license authority.
The
goal is for the NMLS to streamline the licensing process for both regulatory
agencies and the mortgage industry by providing a centralized and standardized
system for mortgage licensing.
NMLS was created by the Conference of State Bank
Supervisors (CSBS) and the American Association of Residential Mortgage
Regulators (AARMR). It is owned and
operated by the State Regulatory Registry LLC (SRR), a wholly owned subsidiary
of CSBS. The system has been built and is
maintained by the Financial Industry Regulatory Authority (FINRA).
SAFE Mortgage Licensing Act of 2008
Title
V of P.L. 110-289, the Secure and Fair Enforcement for Mortgage Licensing Act
of 2008 (“SAFE Act”), was passed on July 30, 2008. The new federal law gave states one year to
pass legislation 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
...more info.
Mortgage
Call Report and Frequently Asked Questions
The
SAFE Act specifically requires “mortgage
licensees to submit reports of condition to the Nationwide Mortgage Licensing
System and Registry in such form and containing such information as the
Nationwide Mortgage Licensing System and Registry may require.” [12 USC
5104(e)]. More info…
Mortgage Call Report Services
For details call 310-330-0333 or Click here for
contract request for Mortgage Call Report Services.
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