SAFE Act Review
The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) established a mandated nationwide licensing and registration system for residential mortgage loan originators (MLOs). Regulators now have SAFE Act Examination Guideliens (SEGs) to monitor and ensure mortgage loan originators are properly licensed and registered in the states where they are doing business, and that the credit union has in place policies appropriate to the nature, size, complexity and scope of the institution’s mortgage activities.
Audit Services can conduct the required annual review and independent testing. A comprehensive report is prepared and delivered at the conclusion of the review.