§ 3400.201 - Scope of this subpart.

Latest Version
Updated Versions
- Sunday, January 1, 2012
- Tuesday, November 1, 2011
Related Notices
- 2011-15672. Final rule. 2011-15672. SAFE Mortgage Licensing Act: Minimum Licensing Standards and Oversight Responsibilities
- E9-29708. Proposed rule. E9-29708. SAFE Mortgage Licensing Act: HUD Responsibilities Under the SAFE Act

Latest version.

The SAFE Act provides HUD with “backup authority” to establish a loan originator licensing system for any state that is determined by HUD not to be in compliance with the minimum standards of the SAFE Act. The provisions of this subpart become applicable to individuals in a state as provided in §3400.115(e). The SAFE Act also authorizes HUD to establish and maintain a nationwide mortgage licensing system and registry if HUD determines that the NMLSR is failing to meet the purposes and requirements of the SAFE Act for a comprehensive licensing, supervisory, and tracking system for loan originators.

                    
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