The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 covers loan originators working for entities that originate FHA or VA mortgage loans, according to a final rule issued by the Department of Housing and Urban Development. Under the long-anticipated rule on state compliance with the SAFE Act, HUD clarified that even though the FHA and VA programs were created by federal statute and governed by federal regulations, the loans they insure or guarantee are originated for profit. Since FHA and VA loans are originated in the “commercial context,” the loan originators (LOs) are generally subject to the requirements of...