The Secure and Fair Enforcement for Mortgage Licensing Act, or SAFE Act, requires mortgage loan originators (MLOs) to be licensed and registered through the Nationwide Mortgage Licensing System and Registry. The Consumer Financial Protection Bureau (CFPB) requires that credit unions complete annual reviews to remain compliant.
PolicyWorks offers SAFE Act Independent Testing, confirming that your credit union has the appropriate policies and procedures in place. Staff interviews are conducted to be sure each MLO is properly registered. In addition, the testing confirms that MLOs are aware of requirements to maintain registration.
SAFE Act Independent Testing assesses compliance with all aspects of the SAFE Act, including Regulation G.