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SAFE Act Questionnaire

One of the critical tasks a financial institution must undertake under the SAFE Act is the determination of which employees fit the definition of Mortgage Loan Originator for purposes of the registration requirement.Speculation about who does what is dangerous.An institution needs to find out directly from the employees whether they engage in activities that meet both prongs of the two prong test.In doing so, it is important not to color the answers by the manner in which the question is asked.In other words, when you are asking the question, you don't necessarily want the employee to know the consequences of the answers.You want the employee to answer honestly and accurately, based upon what they have actually done.The second page of the form is for the use of the person within the institution who is administering the questionnaire process.

This form makes it easy to see at a glance (and document) whether or not an individual should be registered as a SAFE Act MLO.

First published on 02/01/2011

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