Alert February 23, 2010

HUD Extends Comment Period on SAFE Act Proposal

HUD announced it is extending the comment period for its proposal on minimum standards for state laws that effect the requirements of the Secure and Fair Enforcement for Mortgage Licensing Act. The new deadline for comments is March 5, 2010. Among other things, the proposal interprets certain terms contained in the SAFE Act, such as "engage in the business of a loan originator," "take an application," and "offering or negotiating." Click here for a copy of the extension notice.