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HERA Overview
- 2008
- strengthen regulation of govt sponsored entities
- provide additional FHA programs to assist homeowners
- addressing problems caused by the foreclosure crisis
- establish nation-wide licensing database and education standards
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SAFE Act Overview
- Regulation G
- Title V of HERA
- increase uniformity
- reduce burden of states
- enhance consumer protection
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SAFE Act Two Requirements
- License/Registration
- Consumer Protection
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Licensing Forms
- Company Form
- Branch Form
- Individual Form
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Licence Minimum Standards
- never had a LO revoked
- no felony for 7 years, no fraud related felony ever
- prelicensing education & TEST
- net worth/surety bond/state fund
- good character
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Prelicensing Education
- 20 hours NMLS approved:
- -3hrs law
- -3hrs ethics
- -2hrs nontraditional mortgage marketplace
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Continuing Education
- annually 8 hours NMLS approved:
- -3hrs law
- -2hrs ethics
- -2hrs nontraditional mortgage marketplace
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Consumer Protection
- provides consumers with access to info about registrants/licensees, such as enforcement actions, etc
- collects and distributes consumer complaints b/w state regulators
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LO Job
- Assist in completion of application
- advise on loan terms, rates, fees, other costs
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