Answer:
The exception is based on the number of residential mortgage loan applications handled by the individual in that rolling 12-month period, not on the number booked.
First published on BankersOnline.com 7/4/11
De Minimis Exception SAFE Act Requirements
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Question:
What do we need to do to be exempt from the SAFE Act requirements under the de minimis exception? Do we need to count the number of applications for residential mortgage loans or is it the total number of residential mortgage loans that were actually booked by one individual in a rolling 12 month period?
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