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#1553637 - 05/19/11 01:56 PM SAFE ACT REGISTRATION CONFUSION
Anonymous
Unregistered

I have been going back and forth with these questions for a while. Consulted with our outside auditors but am still second guessing - please help.
My institution has not made any consumer loans since Oct 2009. However we continue to use the 1003 Application for loans on residential property (investors buying rental homes), these loans are 100% business purpose loans. Do I need to register our loan officers?
Also, we do occasionally modify/renew existing consumer loans, would that create a need to register the loan officers?
Finally, does the institution need to be registered regardless of whether you register the loan officers?
Thank you for any help.

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#1554023 - 05/19/11 08:20 PM Re: SAFE ACT REGISTRATION CONFUSION Anonymous
Anonymous
Unregistered

Anyone have an answer - please??

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#1554028 - 05/19/11 08:25 PM Re: SAFE ACT REGISTRATION CONFUSION Anonymous
Anonymous
Unregistered

I'd go above your "outside auditor" and definitely consult your regulatory agency on this. Get their "blessing" either way. If you can, I'd get something in writing from them.

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