HUD Publishes Final Rule for SAFE ACT
Friday, July 08, 2011
The United States Department of Housing and Urban Development
(HUD) published on June 29, 2011 a final rule concerning the
Secure and Fair Enforcement for Mortgage Licensing Act
of 2008 (SAFE Act). This final rule sets the
minimum standards that states must meet to comply with when
licensing mortgage loan originators.
The final rule explains the criteria that will be used to
determine whether a state has put in place a system for licensing
and registering mortgage loan originators as required by the SAFE
Act. The SAFE Act was enacted into law on July 30, 2008, as part of
the Housing and Economic Recovery Act of 2008. There were
more than 5,000 comments on the proposal of this final rule. To see
more from HUD on this final rule click
here.
To view the final rule as published in the Federal Register
click here.
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