Secure and Fair Enforcement for Mortgage Licensing (SAFE) Act examination procedures | Consumer Financial Protection Bureau.
What’s the purpose of the Indiana SAFE Act?
What Does the SAFE Act Include? The SAFE Act was designed to protect consumers and reduce fraud by requiring all mortgage lending professionals to complete specific education to both earn and maintain their professional license.
What is safe Lending Act?
The SAFE Act sets a minimum standard for licensing and registering mortgage loan originators. Specific state licensing requirements can be found at the Nationwide Mortgage Licensing System Registry (NMLSR).
What did federal legislation require the states to do regarding implementation of the SAFE Act?
The SAFE Act requires that federal registration and state licensing and registration be accomplished through the same online registration system, the Nationwide Mortgage Licensing System and Registry (Registry). These reflect FFIEC-approved procedures.
Which of the following is not a part of the definition of a loan originator?
The answer is person or entity that only performs real estate brokerage activities. Real estate brokerage activities are not considered within the definition of a loan originator.
Which types of loans are covered by the SAFE Act?
The SAFE Act’s definition of “residential mortgage loan” includes a loan secured by a consensual security interest on a “dwelling” and cross-references the definition of dwelling in section 103(v) of the Truth in Lending Act (TILA) (15 U.S.C. 1601 note).
What are the main components of the SAFE Act?
What is The SAFE Act?
- Pass a written qualified test.
- Complete pre-licensure education courses.
- Take continued education courses.
- Submit fingerprints for a criminal background check during licensure.
- Submit a credit report during licensure.
Are reverse mortgages covered under SAFE Act?
The rules specifically include refinancing, reverse mortgages, home equity lines of credit (HELOC) and other first and additional lien loans. The definition includes loans that may not typically be considered mortgage loans, including loans made by individuals who are not thought of as mortgage loan originators.
What are the 3 main fair lending regulations?
The courts have recognized three methods of proof of lending discrimination under the ECOA and the FHAct: Overt evidence of disparate treatment; • Comparative evidence of disparate treatment; and • Evidence of disparate impact.
How does the lending Act work?
The Truth in Lending Act (TILA) protects you against inaccurate and unfair credit billing and credit card practices. It requires lenders to provide you with loan cost information so that you can comparison shop for certain types of loans.
Is the SAFE Act a federal law?
The SAFE Act established federal registration requirements for an individual who acts as a residential mortgage loan originator (MLO) and is employed by an institution that is regulated by the Board of Governors of the Federal Reserve System, Office of the Comptroller of the Currency (OCC), the Federal Deposit
Who regulates the SAFE Act?
CFPB assumed: (1) responsibility for developing and maintaining the federal registration system (including rule-making authority), (2) supervisory and enforcement authority for SAFE Act compliance for entities under the CFPB’s jurisdiction, and (3) authority to oversee state compliance with SAFE Act requirements that
Does the SAFE Act require an annual audit?
What does it say? Answer: You should review Section 1007.104 of CFPB Regulation G (the Bureau’s SAFE Act implementation regulations), in particular subsection 1007.104(f), which mandates annual testing for compliance with the provisions of the regulation.
What is the penalty for violating the Safe Act?
CFPB Announces 2022 Increases to Maximum Amount of Civil Penalties
| Law | Penalty description | New penalty amount |
|---|---|---|
| SAFE Act, 12 U.S.C. 5113(d)(2) | Per violation | 31,928 |
| Truth in Lending Act, 15 U.S.C. 1639e(k)(1) | First violation | 12,647 |
| Truth in Lending Act, 15 U.S.C. 1639e(k)(2) | Subsequent violations | 25,293 |
Is the SAFE Act a federal law?
The SAFE Act established federal registration requirements for an individual who acts as a residential mortgage loan originator (MLO) and is employed by an institution that is regulated by the Board of Governors of the Federal Reserve System, Office of the Comptroller of the Currency (OCC), the Federal Deposit
Is the SAFE Act constitutional?
The constitutionality of the assault-weapon prohibition was upheld by Chief U.S. District Judge William M. Skretny in 2013, and this ruling was affirmed by the U.S. Court of Appeals for the Second Circuit in 2015. The Act included a high-capacity magazine provision that has been found unconstitutional.
Are death threats illegal in Indiana?
Under Indiana law, it is a Level 6 felony for to stalk another person or make a threat intended to cause the victim to reasonably fear sexual battery, serious bodily injury, or death.
Can you shoot trespassers in Indiana?
Indiana’s Castle Doctrine states that a person is justified in using deadly force and does not have a duty to retreat if they reasonably believe that force is necessary to prevent or terminate another’s unlawful entry of their dwelling, curtilage, or occupied motor vehicle.
Is Indiana a hold your ground state?
The short answer is “Yes”, as Indiana is one of about thirty-one states that has legislation addressing this issue.