SAFE Requirements and Construction Loans

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Question:

We do not offer mortgage lending only construction loans. Must our loan officers register under the SAFE Act requirements?

Answer:

Read the definitions of "mortgage loan orginator" and "residential mortgage loan" in Regulation H Section 208.102 or section ___.102 in your regulator's version of the SAFE Act Registration rule, to determine whether your MLOs will have to register. There is no exception to the definition of "residential mortgage loan" for construction loans.

First published on BankersOnline.com 9/12/11