The Community Home Lenders Association recently sent a letter to CFPB Director Richard Cordray, asking the bureau to require consumer disclosures on each mortgage loan that indicate whether the mortgage loan originator working on that loan is licensed. Such disclosures also should show whether the MLO has passed the SAFE Act test, and has completed an independent background check and SAFE Act approved pre-licensing and continuing education courses. CHLA also recommended that consumers be told if their loan originator previously failed (and never passed) the SAFE Act test or has ever been denied a state license because they failed a background check. “The CFPB is carrying out its ‘Know Before You Owe’ initiative, to improve consumer understanding and mortgage disclosures” ...