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Volume 25 - Number 16

August 4, 2014

MBA Wants to Extend SAFE Act Loan Officer Testing to Banks

The Mortgage Bankers Association, in a bit of a surprise move, is pressing the CFPB, the Conference of State Bank Supervisors and members of Congress for changes to the Secure and Fair Enforcement of Licensing Act and other regulations that would provide uniform testing standards for all mortgage loan officers. The development is somewhat unexpected in that the trade group is calling for regulators and lawmakers to increase the compliance load for its members. Under the SAFE Act, there are two regimes for loan officers. Loan officers who work for nonbank lenders have to be licensed. That includes testing, pre-licensing and continuing education requirements, as well as extensive criminal and financial background reviews by state regulators. Additionally, they also must ...

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With originations expected to drop in 2018, will your shop turn to non-QM/non-prime mortgage products as a way to bolster volumes?

Yes, definitely. We’re planning a launch.


No. It’s still difficult compliance/regulatory-wise.


Maybe. It’s under consideration.


Not now. But things could change as 2018 progresses.