Sacramento Report
January 18, 2011
SAFE Act Regulations
California regulations implementing the federal Secure and Fair Enforcement of Mortgage Licensing Act of 2008 (SAFE Act) are in effect. The Act created a federal mandate for all states to license and regulate mortgage loan originators (MLOs). California passed SB 36 (Chapter 160, Statutes of 2009) to comply with the act. All MLOs must register on the Nationwide Mortgage Licensing System and Registry. The Commissioner of Corporations re-adopted emergency regulations on December 23, 2010 implementing the law. . The California Department of Real Estate has also adopted regulations governing MLOs. On January 1, 2011 all DRE licensees must be registered and endorsed by the DRE to conduct MLO activity in California.
