Secure and Fair Enforcement for Mortgage Licensing Act of 2008

A bill to create a national licensing system for residential mortgage loan originators, to develop minimum standards of conduct to be enforced by State regulators, and for other purposes.

2/6/2008--Introduced.
Secure and Fair Enforcement for Mortgage Licensing Act of 2008, or S.A.F.E. Mortgage Licensing Act of 2008 - Encourages the states to establish a Nationwide Mortgage Licensing System and Registry for the residential mortgage industry through the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators. Sets forth procedures, requirements (including education and testing), and standards for mandatory registration and state licensing of mortgage loan originators. Requires the federal banking agencies jointly, through the Federal Financial Institutions Examination Council, to develop and maintain a system for registering depository institiution employees as registered loan originators with the Registry. Directs the Secretary of Housing and Urban Development (HUD) to establish and maintain a backup licensing and registration system for loan originators operating in a state that either:
(1) does not, after a certain period of time, have a licensing and registering system for loan originators that meets the requirements of this Act; or
(2) does not participate in the Registry. Requires the HUD Secretary also to establish and maintain a backup licensing, supervisory, and tracking system for loan originators if the Registry is failing to meet the requirements and purposes of this Act. Declares that this Act does not preempt state law which provides greater protection to consumers than is provided under this Act. Directs the HUD Secretary to study and report to Congress on the root causes of default and foreclosure of home loans.

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Sponsor

• Sen. Dianne Feinstein [D, CA]
• and 13 Co-Sponsors
  • Sen. Barbara Boxer [D, CA]
  • Sen. Maria Cantwell [D, WA]
  • Sen. Thomas Carper [D, DE]
  • Sen. Hillary Clinton [D, NY]
  • Sen. Elizabeth Dole [R, NC]
  • Sen. Amy Klobuchar [D, MN]
  • Sen. Herbert Kohl [D, WI]
  • Sen. Mel Martinez [R, FL]
  • Sen. Barbara Mikulski [D, MD]
  • Sen. Bill Nelson [D, FL]
  • Sen. Barack Obama [D, IL]
  • Sen. Ken Salazar [D, CO]
  • Sen. Olympia Snowe [R, ME]
  close

Committees

• Senate Banking, Housing, and Urban Affairs

Amendments

This bill has no amendments.

Amendments to S.2595

Number	Status	Purpose

Bill Status

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Introduced		Voted on by Senate		Voted on by House		Considered By President		Bill Becomes Law
February 06, 2008

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All Bill Actions

• Feb 06, 2008: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
• Feb 06, 2008: Sponsor introductory remarks on measure. (CR S734-735)
• Introduced on Feb 06, 2008.

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Related Issue Areas:

• State laws
• State and local government
• Standards
• Mortgages
• 11 more
• Mortgage banks
• Loan defaults
• Licenses
• Law
• Housing
• Governmental investigations
• Foreclosure
• Federal-state relations
• Congressional reporting requirements
• Congress
• Finance

Data from the Congressional Research Service

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Blog Coverage

August 06, 2008 New LO Licensing Req: Minimum Credit Scores? (by: velecico)

SAFE Mortgage Licensing Act of 2008 - S.2595 in Senate SEC. 5. STATE LICENSE AND REGISTRATION APPLICATION AND ISSUANCE. (2) personal history and experience, including authorization for the System to obtain-- (A) an independent credit ...

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Source: Mortgage Broker Forums at Broker Outpost

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August 06, 2008 New LO Licensing Req: Minimum Credit Scores? (by: Agent_Mike)

SAFE Mortgage Licensing Act of 2008 - S.2595 in Senate SEC. 5. STATE LICENSE AND REGISTRATION APPLICATION AND ISSUANCE. (2) personal history and experience, including authorization for the System to obtain-- (A) an independent credit ...

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Source: Mortgage Broker Forums at Broker Outpost

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July 30, 2008 NAHREP News Update - Special Edition‏

S. 2595 "Secure And Fair Enforcement for Mortgage Licensing Act of 2008" NAHREP fully supports this bill, which in fact advocates many of the standards featured in En Confianza, the NAHREP Code of Trust. Specifically, the bill is ...

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Source: Victor's Blog

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