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What You Need to Know About Significant SAFE Act Changes
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It is an extremely exciting and rewarding time to be involved in the mortgage industry. With the implementation of the new SAFE Mortgage Licensing Act, the mortgage industry is becoming more streamlined, safe, and efficient. However, these changes also mean that all mortgage loan originators, regulators, and educators have new significant requirements they must meet. Keeping track of these new rules can be difficult, but with the help of Hondros Learning, the process will be smooth and manageable for you. Adherence to these new standards will redeem the truthfulness of the residential mortgage loan market, minimize and potentially eliminate fraud, and above all, protect the consumer. The SAFE Act affects the mortgage industry in many complex ways. However, it is crucial to first understand the three primary changes:

  1. The implementation of the Nationwide Mortgage Licensing System and Registry (NMLSR), which provides constructive regulation and standardization of the residential mortgage industry.

  2. Mortgage loan originators’ successful completion of 20 hours of pre-licensing education (whether or not you hold a license). You must also complete 8 hours of continuing education each year.

  3. Mortgage loan originators must score at least 75% on the SAFE Mortgage Loan Originator Exam. This exam tests your knowledge of state and national mortgage information.

Although your head may be spinning with these new requirements, do not worry. The SAFE Act is fairly recent and those involved in the mortgage industry can comply with their state’s requirements until the new national requirements are set firmly in place. Since the mortgage industry does not have to adhere to these new rules until July 31, 2010, you have plenty of time to prepare for the changes and to ensure that you meet all of the new qualifications. If you would like to learn more about the SAFE Act changes and requirements, feel free to browse the Hondros Learning website at www.hondroslearning.com or call us at 1-866-84-LEARN. Remember, you are not alone and Hondros Learning is here to help you through these exciting transitions! We look forward to hearing from you.

SAFE Act Articles
SAFE Act Changes
 
Overview of the SAFE Mortgage Licensing Act
 
Overview of the NMLSR
 
Mortgage Loan Originator Requirements
 
Pre-Licensing Requirements
 
SAFE Mortgage Loan Originator Test
 
Continuing Education Requirements
 
       
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