HELOC Loans Covered Under SAFE Act?

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Question:

Are HELOC loans covered under the SAFE Act? When an application is accepted for a HELOC, does the MLO need to use their NMLS number as they would with a mortgage loan application?

Answer:

Yes, and Yes. See the definition of a residential mortgage loan at .102(e) of your regulator's version of the Act.

First published on BankersOnline.com 8/29/11