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Faqs (FAQ): SECURE, NMLS, & Licensing General Issues

Thursday, July 16th, 2020

Faqs (FAQ): SECURE, NMLS, & Licensing General Issues

The SECURE Act

What’s the Secure and Fair Enforcement for Mortgage Licensing Act of 2008?

The Housing & Economic Recovery Act which includes the Secure & Fair Enforcement for Mortgage Licensing Act (“SAFE Act”) on July 30, 2008, President Bush signed into law. The SECURE Act calls for all states to pass through home loan certification regulations that meet or surpass particular nationwide criteria. If your continuing state does not achieve this, the usa Department of Housing and Urban Affairs is needed to establish and implement a certification regime when it comes to state. Through the 2009 legislative session, Texas lawmakers passed home Bill 10, the Texas Secure & Fair Enforcement for Mortgage Licensing Act (“Texas SECURE Act”) to generally meet the federal mandate.

Nationwide Mortgage Licensing System & Registry

What’s the Nationwide Mortgage Licensing System?

The SECURE Act encourages the states, through the Conference of State Bank Supervisors additionally the United states Association of Residential Mortgage Regulators to development and implement a nationwide home loan certification system and registry (“NMLS”) when it comes to residential home loan industry. Simply, NMLS is really a safe mortgage that is online database providing you with a central system where businesses and folks may transition, make an application for, sponsor, amend, renew, or surrender licenses in jurisdictions where they conduct company. (more…)