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Vol. 76 Thursday, No. 126 June 30, 2011, Part II Department of Housing and Urban Development mstockstill on DSK4VPTVN1PROD with RULES2 24 CFR Parts 30 and 3400 SAFE Mortgage Licensing Acts: Minimum
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The Safe Mortgage Licensing Act is a federal law that aims to promote the safe and sound operation of mortgage banking and protect consumers from predatory lending practices.
All individuals and companies involved in the mortgage industry, including mortgage loan originators and mortgage companies, are required to comply with the Safe Mortgage Licensing Act.
To fill out the Safe Mortgage Licensing Act, you need to provide information about your mortgage loan originator license, the loans originated, advertisements used, and any enforcement actions taken.
The purpose of the Safe Mortgage Licensing Act is to ensure that mortgage loan originators meet certain minimum standards, are trained and tested on mortgage laws and ethics, and are subject to oversight and enforcement measures.
The Safe Mortgage Licensing Act requires the reporting of information such as the number of loans originated, the dollar amount of loans originated, any disciplinary actions or sanctions taken against the mortgage loan originator, and any adverse actions taken by regulatory authorities.
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