*Letters

S.A.F.E. Act Compliance Rule

Published on:
March 15, 2013

SIFMA wrote a letter to the Colorado Division of Real Estate in support of proposed amendments to certain sections of the Colorado Board of Mortgage Loan Originators (the Board) S.A.F.E. Act Compliance Rule.

SIFMA says the proposed amendment addresses its concern by recognizing that an individual’s generic referral to or recommendation of a particular lender does not fall within the definitions of “offering or negotiating terms of a residential mortgage” or “taking a residential mortgage loan application.”

This interpretation is in line with guidance pertaining to financial advisors that appears in the supplementary information section to the final rule implementing the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (the SAFE Act) that was published by the U.S. Department of Housing and Urban Development (HUD).

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