Summary: | The federal banking agencies, the National Credit Union Administration, and the Farm Credit Administration (collectively, the Agencies) are seeking comment on the attached proposed rule regarding the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act). Goals of the SAFE Act include improving accountability and tracking of mortgage loan originators (MLOs), enhancing consumer protection, reducing fraud, and providing consumers with easily accessible information about the professional background of MLOs. Comments are due 30 days from the date of publication in the Federal Register . |
Highlights:
The proposed rule is intended to implement the requirements of Section 1507 of the SAFE Act pertaining to Agency-regulated institutions, their subsidiaries and employees acting as residential MLOs. The FDIC proposes to add this rule as a new subpart B to the Part 365 Real Estate Lending Standards. The proposed rule:
Distribution:
Suggested
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Additional Related Topics:
- The Secure and Fair Enforcement for Mortgage Licensing Act of 2008