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#1197917 - 06/09/09 03:35 PM Re: SAFE ACT tickledpink
angels2mom Offline
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angels2mom
Joined: Dec 2005
Posts: 341
Depends on my mood
Kahola,
So you understand that there are no educational requirements for community bank loan officers?

The reason I was looking in that direction was because of the language in the Press Release stated full compliance with SAFE Act through Model State Legislation which it appears HUD also gave it's blessing to. I found the section on the educational requirements there. I apparently read to much into it...??
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Lending Compliance
#1198014 - 06/09/09 05:01 PM Re: SAFE ACT angels2mom
Kahola Offline
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Kahola
Joined: May 2001
Posts: 712
Scottsdale, AZ. 85255
Kahola here --- S.A.F.E. only requires that Loan Officers/Originators who work for a federally regulated depository institution (or subsidiary) register in the "Registry". S A.F.E. does not require that Loan Officers be licensed. All other loan officers/originators not employed by a federally regulated institution will have to be licensed by a state and register in the "Registry". The licensing will require 20 hours of education etc. I found this information on
www.realtor.org
I don't see any educational requirements in the S.A.F.E Act.

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#1198608 - 06/10/09 02:39 PM Re: SAFE ACT Kahola
Carolina Blue Offline
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Carolina Blue
Joined: Jul 2005
Posts: 960
Lost in a regulatory fog
Just to make sure I'm not mis-reading. If we have loan officers that only do residential construction loans or only do HELOCs each of them must register?
Last edited by Carolina Blue; 06/10/09 02:39 PM.
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#1199085 - 06/10/09 07:08 PM Re: SAFE ACT Carolina Blue
ahou Offline
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ahou
Joined: Aug 2002
Posts: 3,094
Yes, HELOCs and construction loans would be covered, from what I interpret. See pg 27392 of the Fed Register version.
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#1203781 - 06/18/09 06:34 PM Re: SAFE ACT Sewanee, CRCM
Still Smiling Offline
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Joined: Nov 2007
Posts: 767
Originally Posted By: sewanee
Is anyone else concerned about the required diclosure to consumers, through the Registry's website, of "registered loan originator's" employment history. It would seem that level of detailed information could open up our employees to the possibility of identity theft.

Is that a reasonable concern?


I have not reviewed it to see what information is required. Do you have the web address?
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#1203852 - 06/18/09 07:20 PM Re: SAFE ACT Still Smiling
Reads Regs Offline
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Joined: Nov 2004
Posts: 2,307
Are you looking for the URL address for the proposed rule? If so, here it is.

http://edocket.access.gpo.gov/2009/pdf/E9-13058.pdf
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