Mortgage Act: Safe, Or an Act? Check Your Mortgage Expert Carefully
Refinancing to the wrong residential loan could cost you your home, ruin your credit and disrupt family. In an attempt to combat faulty lending practices, earlier this year, lawmakers passed the Secure and Fair Enforcement mortgage act “SAFE Act.” It establishes a national standard mandating consumer protection against fraud and misleading lending practices. Crafted to abolish shoddy residential lending, SAFE primarily institutes a system for licensing and registering loan originators. California must comply with enact requirements by the end of 2010.