SAFE Act Final Rule From HUD Answers Some Questions, But Leaves Loose Ends to the CFPB
July 7, 2011
The new final rule from the Department of Housing and Urban Development does not require individuals engaged in mortgage loan modifications or working as third-party mod specialists to be li-censed under the Secure and Fair Enforcement of Mortgage Licensing Act of 2008. But the bad news is that the HUD rule doesnt exempt them either it pushes the issue off to the Consumer Financial Protection Bureau. The rule sets a minimum standard for states to adhere to in order to comply with the SAFE Act in licensing mortgage loan originators who dont ...