RC_RC_LP_200.2 Licensing Laws in Loan Origination
MBA Member Price: $49.00
Nonmember Price: $79.00Purchase
This is a single-family/residential course.
Licensing laws are designed to enhance consumer protection and reduce fraud by requiring states to establish minimum standards for companies and individuals in the mortgage lending business. With enforcement of more stringent licensing requirements and increasing oversight of licensees, consumers are aided in making loan financing decisions by mortgage loan originators who have met minimum educational requirements and have passed credit and criminal background checks.
The Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) was enacted in 2008. The SAFE Act's objective is to enhance consumer protection and reduce fraud through the setting of minimum national standards for the licensing and registration of state-licensed mortgage loan originators.
Licensing Laws in Loan Origination course begins with an overview of the purpose and history of the SAFE Act. It then describes who is covered under the SAFE Act. Next, it differentiates federal and state licensing requirements. Toward the end of the course, it describes what conduct is prohibited and what conduct is encouraged within these the licensing requirements. Finally, enforcement of the SAFE Act is addressed.
Seat time approximately one (1) hour.