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SAFE Actby Paul Donohue Established in 2008 to protect consumers from mortgage fraud is a federal law known as The Secure and Fair Enforcement Mortgage Licensing Act, or SAFE Act. The SAFE Act requires that an employee of a bank or other financial institution that is regulated by a Federal banking agency or the FCA (collectively, Agency-regulated institutions) who originates residential mortgage loans registers with the National Mortgage Licensing System and Registry (NMLS), obtain a unique identifier, and maintain this registration with annual CE credits and renewal. It also stipulates that Agency-regulated institutions must require their employees who write residential mortgage loans to follow written policies and procedures designed to ensure compliance with these requirements. As part of the SAFE Act, every mortgage loan officer must meet National and state testing and CE requirements in addition to registering in the NMLS. Abacus Mortgage Training and Education provides a variety of pre-licensing and continuing education courses as well as test preparation courses designed to help MLOs stay in compliance with the SAFE Act. The National requirement for compliance with the SAFE Act is 20 hours of pre-licensing education. Additional pre-licensing courses and education may be required by your state. You can complete the 20-hour pre-licensing course offered by Abacus Mortgage Training during one two-day event either through a live classroom setting or remotely via virtual classroom over the web. Topics covered in the two-day intensive course include: Introduction to Mortgage Lending and Mortgage Principles, Credit Scoring, Types of Loans and Methods of Financing, Mortgage Fraud and Identity Theft, Loan Application and Mortgage Math, Introduction to Federal Laws and Disclosures, Federal Laws - Our New Duties, Nontraditional Mortgage Products, Ethics and Consumer Protections, Mortgage Processing and Property Appraisal, Underwriting and Closing the loan. The course also includes an intensive cramming session so you can take the exam with confidence. After licensing and registration, each MLO must complete at least 8 hours annually of CE to stay in compliance with the SAFE Act. Some states may require additional CE credits-be sure to check the requirements where you live. Abacus' 8-hour SAFE Comprehensive CE Exam Preparatory course familiarizes MLOs with the SAFE Act, FCRA and the Red Flags Rule, Non-traditional Mortgage Products Overview and Ethics and Consumer Protections. The NMLS test isn't easy. As of August 2010, more than 72,000 people had failed the test. That includes both national and state first-time and repeat candidates. Our SAFE Smart Exam “Cram” prepares individuals for both national and state tests. The 20-hour exam course includes video of Paul Donohue, the author, teaching the course and a “Quiz Trainer” that includes more than 700 practice questions to challenge your mastery of the mortgage industry. With the 2008 passage of the SAFE Act, it is essential to be prepared for the NMLS exam. Abacus Mortgage Training has been educating professionals for mortgage licensure since 2002 and can give you the preparation you need.
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