Alert February 21, 2012

SAFE Act Guidelines for State Non-Depository Mortgage Regulators Issued

The Multi-State Mortgage Committee has released SAFE Act Examination Guidelines which seek to encompass state law requirements regarding the licensing of mortgage institutions, rather than just individuals, through the Nationwide Mortgage Licensing System and Registry.  The purpose of the guidelines is to provide a "standardized set of examination procedure," but use of the guidelines is not mandatory. Rather, state mortgage regulators have discretion as to whether to use some, all or none of the guidelines. Click here for the guidelines.