Alert April 17, 2012

OCC Issues Examination Procedures for the S.A.F.E. Act

The OCC issued interagency examination procedures for the Secure and Fair Enforcement for Mortgage Licensing Act. The S.A.F.E. Act prohibits individuals from engaging in the business of a residential mortgage loan originator without first obtaining federal registration as a mortgage loan originator or state license and registration as a state-licensed mortgage loan originator. The examination procedures lay out the background and requirements of the S.A.F.E. Act and Regulation G. Click here for the examination procedures.