With the passage of the Housing and Economic Recovery Act (HERA) of 2008; Title V, the Secure and Fair Enforcement Mortgage Licensing Act (SAFE Act) brings extensive changes to the lending industry. Among the most significant is a requirement for all Loan Originators to be licensed and registered with a national database.
While these requirements are instituted at the Federal level, it is up to each State to implement and enforce them. Considering the differentiation among state requirements, and the fact that many brokers and lenders operate in multiple states, Calyx has provided a single solution that meets the national standard and those of all states. With Point’s latest version, you have the ability to manage state license and NMLSR information for all required parties, including at the Branch level and for the Control Person. You can also print the license information and control which information prints. License information printing is available for almost every document in the program, even custom documents.
On Tuesday, October 6, 2009, Fannie Mae extended the required compliance date until July 1, 2010 “to obtain loan-level identifiers for the loan originator, loan origination company, field appraiser, and supervisory appraiser.” Essentially, the name and NMLSR number for the Loan Originator and their company will need to be printed on the 1003 and likely on all other loan documents as well. The FHFA also requires the Appraiser and Supervisory Appraiser’s names (as applicable) and their license number to be included in the electronic data elements included with the loan file; however according the Fannie Mae and Freddie Mac, those elements do not need to be printed at this time.