The mortgage industry has always been tumultuous. Dramatic cycles with extreme highs and catastrophic lows has plagued the industry since
In the wake of the ongoing real estate recession, the federal government has introduced a variety of measures designed to protect consumers and weed out unprofessional or predatory mortgage loan originators. One of these actions has been the creation of a new federal agency, the Consumer Financial Protection Bureau (CFPB).
The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (called the SAFE Mortgage Licensing Act of 2008) requires state-licensed mortgage loan originators (MLOs) to fulfill a set of state and federal licensing requirements with the Nationwide Mortgage Licensing System (NMLS).
The public and Congress has turned their attention to the mortgage lending industry through the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (called the SAFE Mortgage Licensing Act).