Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
CFPB Offers Guidance On SAFE Act Testing
WASHINGTON (5/30/13)--States may use the Uniform State Test, developed by the Nationwide Mortgage Licensing System and Registry, as part of a qualified written test under the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act), according to guidance issued Wednesday by the Consumer Financial Protection Bureau.

The bureau said it was issuing the guidance in response to questions about a section of the SAFE Act that requires state-licensed mortgage loan originators to pass a "qualified written test."  The act states the written test must be developed by the NMLSR.

A Uniform State Test qualifies under the SAFE Act if it includes questions covering all required areas.  Those area include:
  • Ethics;
  • Federal law and regulation pertaining to mortgage origination;
  • State law and regulation pertaining to mortgage origination; and,
  • Federal and state law and regulation, including instruction on fraud, consumer protection, the nontraditional mortgage marketplace, and fair lending issues.
"Presenting test questions through a UST rather than a separate state test component would not preclude the test from being a qualified test under the SAFE Act, so long as all the requirements for a qualified test are satisfied," the CFPB wrote.

Contact CFPB_SAFEAct_Inquiries@cfpb.gov with any additional questions.


RSS





print
News Now LiveWire
Credit card issuers could see a reduced burden for 1 year under a @CFPB proposal issued this week. News Now: http://t.co/CYVXLUmVBq
1 hour ago
RT @CUEscan: Branches Will Be the Cornerstone of Growth http://t.co/fVqPPaGeVL http://t.co/xxMyKGQMrl
1 hour ago
RT @asmarterchoice: According to @Bankrate study, customers more likely to find FREE checking at #Creditunion than a bank! http://t.co/ntCb…
1 hour ago
Ditch monthly subscriptions to save $$, @YoungFreeMI Fielder tells @freep http://t.co/TFnsps4Dui #ASW2015
2 hours ago
.@federalreserve extends comment period for capital surcharges on systemically important U.S. bank holding cos. http://t.co/MOJJBn9DfA
3 hours ago