3932237
Description
Mind Map by andrea.browne, updated more than 1 year ago
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Created by andrea.browne
about 9 years ago
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S.A.F.E. Act/Reg G
- Title V of HERA
- Minimum Standards must be met
- Never had a loan originator
license revoked in any
governmantal jurisdiction
- Never been
convicted of, or pled
guilty or
nolocentendere to, a
felony in any court
- During the 7 year
period preceding
the date of
application
- At any time if the
felony involved an
act of fraud,
dishonesty, a
breach of trust or
money laundering
- At any time if the
felony involved an
act of fraud,
dishonesty, a
breach of trust or
money laundering
- During the 7 year
period preceding
the date of
application
- Completed the
pre-licensing
education
requirements
and passed the
applicable
licensing test
- 20 hours of NMLS
approved
education is
required
- 3 hours of laws and
regulations/ 3 hours
of ethics, fraud,
consumer
protection, and fair
lending, and 2 hours
of nontraditional
mortgage market
place
- Following the
licensure originators
are required to obtain
8 hours annually, 3
laws and regulations,
2 ethics, and 2
nontraditional
mortgage market
place
- Following the
licensure originators
are required to obtain
8 hours annually, 3
laws and regulations,
2 ethics, and 2
nontraditional
mortgage market
place
- 3 hours of laws and
regulations/ 3 hours
of ethics, fraud,
consumer
protection, and fair
lending, and 2 hours
of nontraditional
mortgage market
place
- 20 hours of NMLS
approved
education is
required
- Met wither a
net worth of
surety bond
requirement or
paid into a
state fund as
applicable
- Demonstrated the financial
responbsibility, character, and
general fitness to command the
confidence of the community and
warrant a determination that
he/she will operate honestly, fairly,
and efficently under reasonable
standards established by the
individual state
- Never had a loan originator
license revoked in any
governmantal jurisdiction
- Minimum Standards must be met
- Loan originators
must sumbit to a
comprehensive
background check,
including submission
of finger prints, civil
and criminal history,
and a credit report
- Provides consumers with access to
information about
registrants/licensees, such as
enforcement actions
- Facilitates collection and
distribution of consumer
complaints between state
regulators
- Facilitates collection and
distribution of consumer
complaints between state
regulators
- Secure and Fair Enforcement for Mortgage licensing act
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