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SAFE Act education
Just spent the past 2 days completing the 20 hours of education required by the SAFE Mortgage Licensing Act.
For those unfamiliar with the SAFE Act, here is a nutshell version. Part of the Housing and Recovery Act (HERA), the Secure and Fair Enforcement (SAFE) for Mortgage Licensing Act was passed in July of 2008. Again this is the nutshell version (I encourage you to click on the link above to see HUD's summary which is much more detailed): the purpose of the Act was to create national standards for mortgage licensing which includes mandatory education and testing requirements for loan originators.
The SAFE act also created a national database called the National Mortgage Licensing System (NMLS) that is good in a number of ways, but primarily for centralizing the data so it's easily accessible by consumers, prospective employers, regulators, etc.
In my opinion, like much of the regulations we've seen arise over the past couple of years, the idea here is to protect consumers, get rid of the bad apples in the mortgage business, and create more knowledgeable loan originators.
By and large, this is a good thing. I've been complaining for years that there were no education requirements for loan originators here in Tennessee. When I got into ... more

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