Who Do You Trust? What the S.A.F.E. Act Means to You.

As an independent mortgage loan originator (MLO), I am compelled by law to submit to extensive education, testing and background checks to ensure my suitability to take a mortgage application and to offer advice to potential borrowers on their mortgage needs.

The S.A.F.E. (Secure and Fair Enforcement) for Mortgage Licensing Act is designed to enhance consumer protection and reduce fraud by regulating the credentials of those who originate mortgage loans. The law requires every mortgage loan originator (MLO) whether they work at a federally insured or state-chartered depository institution (bank) or credit union or a non-supervised depository institution (non-bank) to be registered in the Nationwide Mortgage Licensing System Registry (NMLSR). All non-bank MLOs, like Me, must also be state licensed.

Each registered MLO receives a unique ID number. This NMLSR ID makes it easier for NMLSconsumers to find information on their MLOs. The State of Connecticut has implemented a MLO licensing process that meets these NMLSR standards. My NMLS# is 76681 and you can check me out at   http://www.nmlsconsumeraccess.org/EntityDetails.aspx/INDIVIDUAL/76681 

In 2010, I passed the grueling S.A.F.E. MLO Exam which included a national component and a state-specific section. It covered the topics of mortgage law, product knowledge, MLO activities and ethics. I was finger printed and then, and every year since then, I have been  subjected to criminal background checks, had my credit report pulled to ensure that I am a financially responsible person; and have taken 8 hours of continuing education. 

So What Is My Point?
The SAFE Act created a nationwide licensing database that established federal regulations by which all MLOs would be required to act in the best interests of the consumer. Interestingly –only non-bank MLOs have to pass the NMLS test and be statelicensed. Bank MLOs have to be registered with the NMLSR. They don’t have to be licensed. S.A.F.E. simply registers the bank employee but does not insure they are trained or tested. 

So Who Do You Trust?  The S.A.F.E. Act does not protect all consumers as it does not apply to all MLOs. I believe that all consumers should be protected and should conduct business with a fully-licensed, qualified Mortgage Loan Originator. This might sound self-serving, but I am exasperated by the number of times I have been called on to bail-out a First Home Buyer because of the misinformation they got from their local bank’s MLO. 

Don’t get me wrong, there are a lot of good Bank MLOs and I appreciate the opportunity to help when others drop the ball…but how many buyers out there are obligating themselves to the conditions of a loan they don’t understand. Let’s level the playing field. If our industry wants to guarantee to all consumers that the LO they meet has been tested by the high standard of the law… the only way to get there is to require the testing and licensing of all LO’s, not just non-bank ones. 

I am committed to helping your family live comfortably and financially secure in your own home with the Right Mortgage at the Right Rate. Understanding your needs with a focus on honest answers to your concerns has earned me the reputation as a mortgage advisor you can trust. 

Tell me what you think…Then Give Me a Call at 860.945.9284 to discuss your Mortgage Options and to take advantage of my FREE  Mortgage Pre-Approval service. We’re licensed in all 5 New England states, NY and FL too.
I’m here to help.

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