SAFE Act
E618779
The SAFE Act is a U.S. federal law that sets nationwide standards and licensing requirements for mortgage loan originators to enhance consumer protection and reduce fraud in the mortgage industry.
Statements (47)
| Predicate | Object |
|---|---|
| instanceOf |
United States federal law
ⓘ
mortgage regulation ⓘ |
| abbreviation |
NMLS
NERFINISHED
ⓘ
SAFE Act NERFINISHED ⓘ |
| administeredBy |
American Association of Residential Mortgage Regulators
NERFINISHED
ⓘ
Conference of State Bank Supervisors NERFINISHED ⓘ |
| aimsTo |
improve accountability of mortgage loan originators
ⓘ
increase transparency in the mortgage market ⓘ |
| appliesTo | residential mortgage loans ⓘ |
| country |
United States of America
ⓘ
surface form:
United States
|
| creates | Nationwide Mortgage Licensing System and Registry NERFINISHED ⓘ |
| dateEnacted | July 30, 2008 ⓘ |
| enactedBy | United States Congress ⓘ |
| enforcedBy |
federal banking agencies
ⓘ
state regulatory agencies ⓘ |
| establishes |
minimum standards for state licensing of mortgage loan originators
ⓘ
nationwide standards for mortgage loan originators ⓘ |
| fullName | Secure and Fair Enforcement for Mortgage Licensing Act of 2008 NERFINISHED ⓘ |
| imposesObligationsOn | state regulators of mortgage loan originators ⓘ |
| jurisdiction | federal ⓘ |
| legalCitation | 12 U.S.C. 5101 et seq. ⓘ |
| partOf | Housing and Economic Recovery Act of 2008 NERFINISHED ⓘ |
| policyGoal |
promote responsible mortgage lending practices
ⓘ
protect borrowers from predatory lending practices ⓘ |
| primaryPurpose |
enhance consumer protection in the mortgage industry
ⓘ
reduce fraud in residential mortgage lending ⓘ |
| providesFor | federal oversight if a state does not meet minimum standards ⓘ |
| regulates | mortgage loan originators ⓘ |
| requires |
background checks for mortgage loan originators
ⓘ
continuing education for mortgage loan originators ⓘ credit checks for mortgage loan originators ⓘ criminal history checks for mortgage loan originators ⓘ licensing of mortgage loan originators ⓘ maintenance of records in the Nationwide Mortgage Licensing System and Registry ⓘ pre-licensing education for mortgage loan originators ⓘ registration of mortgage loan originators ⓘ states to adopt minimum licensing standards ⓘ unique identifier for each mortgage loan originator ⓘ written tests for mortgage loan originators ⓘ |
| scope | nationwide standards for mortgage loan originators ⓘ |
| sector |
housing finance
ⓘ
mortgage industry ⓘ |
| signedBy | George W. Bush ⓘ |
| subjectMatter |
consumer financial protection
ⓘ
mortgage fraud prevention ⓘ |
| titleWithinAct | Title V of the Housing and Economic Recovery Act of 2008 NERFINISHED ⓘ |
| yearEnacted | 2008 ⓘ |
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.