Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act)
What is the SAFE Act?
The Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) was passed on July 30, 2008. The Act requires that Mortgage Loan Originators (MLOs) working for an insured depository, or its owned or controlled subsidiary regulated by a federal banking agency or for an institution regulated by the Farm Credit Administration, are federally registered through the Nationwide Mortgage Licensing System & Registry (NMLS).
Why is the SAFE Act important to you?
The SAFE Act was created to enhance consumer protection and reduce fraud on mortgage transactions by requiring MLOs to register with the NMLS. As part of the registration process, the SAFE Act requires all MLOs to submit fingerprints to the NMLS for a criminal background check and provide authorization for NMLS to obtain an independent credit report. Once an MLO has been cleared through the NMLS, they are provided with an NMLS registration number. You may verify the NMLS number assigned to a Washington Trust Bank MLO by calling Customer Service at 800.788.4578 or by contacting any Washington Trust Bank branch.
