The passage of the "SAFE Act" creates a federal mandate for state licensing of all loan originators. LO's work for a bank are not exempt from this law. LO's must be licensed or registered by december 31, 2009. The process is not quick nor easy so LO's must plan ahead if they would like to continue working in the lending business after the first of January. Unlicensed activity can result in Cease and Desist Letters, Prohibitions and Monetary Penalties for the LO as well as the Institution hiring them. Topics covered in this class include:
• Definition of Loan Originator and mortgage broker?
• Description of the difference between licensing and registration
• The specific requirements that must be met prior to licensing or registration
• Commercial vs residential
• Bonding
• E & O insurance issues
• Due dates and penalties
• Which states are ready
• Where to register
• Who is supplying the education
• Who provides fingerprinting
• What will the background check be looking for?

Course Objectives:
1. A comprehensive understanding of the new Licensing and Registration rules and the process needed to be in compliance
2. Knowledge of what the penalties are associated with non-compliance and the associated risks