Following the collapse of the U.S. housing market and the resulting financial crisis, Congress sought to create solutions for ensuring a similar crisis would not happen again. The focus of the resulting regulations was on reducing the level of fraud in the mortgage lending process, and on increasing the level of consumer protection to guard against further industry-wide violations.
This course explains how the Secure and Fair Enforcement for Mortgage Licensing (SAFE) Act establishes a licensing and registration system for residential mortgage loan originators (MLOs) that includes education, testing, and background checks to ensure that person’s suitability to provide this service.
What You’ll Learn
By the end of Secure and Fair Enforcement for Mortgage Licensing (SAFE) Act for Compliance Professionals, you will be able to
- Describe the background, purpose, and basic requirements of the SAFE Act and an exception to the registration requirement
- List the two job functions that require registration as a mortgage loan originator (MLO) and activities exempt from MLO registration
- Explain the registration process for MLOs and when an employee must update MLO information
- Describe the requirements for using an MLO unique identifier
ABA Professional Certifications: 1.00 CRCM
Carl Pry, J.D. CRCM, CRP
Carl Pry, Managing Director of Treliant, is a seasoned executive with banking law, corporate finance, and regulatory compliance experience in Fortune 500 financial institutions, regional banks, and industry consulting firms. He advises clients on commercial compliance, fair lending, corporate treasury, and risk management.
For more than 25 years, Carl has held senior leadership positions at KeyBank, Accenture, and Kirchman Corporation. He serves on the Editorial Advisory Board and contributes to the ABA Bank Compliance magazine. He has led many training sessions and examiner classes across the country and been the featured speaker for numerous banking, compliance, and state bar associations. Carl has also authored training programs covering consumer and commercial compliance, audit, quality control, tax, privacy, and risk management.
Created: May 2022