Look Out! Just when you thought you understood the risks and requirements associated with a modern real estate lending program, here comes another sweeping regulatory mandate designed to address problems in the mortgage marketplace. The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act), constitutes a major new housing law that will impact both federal and state chartered credit unions as well as CUSO’s that originate real estate loans. The SAFE Act is designed to enhance consumer protection and reduce fraud by requiring states to establish minimum standards for the licensing and registration of mortgage loan originators. The law makes additional provisions governing background checks, initial training for loan originators, and maintenance of a publicly accessible database of employment and disciplinary history concerning loan originators. In other words, your individual staff members will need new training, licensing and registration and your credit union will have additional data collection and reporting duties to meet minimum regulatory requirements.
Speaker: David Reed is an author, consultant and nationally recognized speaker. He received his undergraduate degree from Virginia Tech in 1986 and his Juris Doctorate from George Mason University School of Law in 1989. Formerly, Mr. Reed was Vice President and General Counsel for Apple Federal Credit Union in Fairfax, Virginia. In his role as chief legal officer he established institutional legal policy, provided legal advice to the Credit Union concerning a variety of matters including the establishment and revision of Credit Union policies and procedures, organization compliance with federal regulations, contractual agreements, regulatory matters, and corporate governance.
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