NY Banking Department Heralds SAFE Act Progress

More than 1,800 loan originators have met the licensing requirements mandated by the State of New York and the federal Secure and Fair Enforcement for Mortgage Licensing (SAFE) Act of 2008, according to the New York State Banking Department. Under both laws, originators were required to meet certain professional criteria and be registered with the Nationwide Mortgage Licensing System and Registry (NMLS) by July 31 in order to continue doing business in New York state.

About 740 originators were authorized under New York's pre-SAFE Act originator registration law, and have until Aug. 31, 2010, to complete the new coursework and testing requirements.

The approximately 9,000 originators who submitted applications under the post-SAFE Act law but who have not yet finished the necessary education or testing requirements are no longer able to originate mortgage loans in New York, though they may be employed in a non-mortgage-originator capacity. These applicants have until Oct. 1 to complete their application and become licensed.

SOURCE: New York Banking Department


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