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Washington
SAFE Act Changes Passed by Senate
WASHINGTON (12/19/13)--The SAFE Act Confidentiality and Privilege Enhancement Act (S. 947) was passed by the U.S. Senate this week, and will now move on to the House for consideration.

Under the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act), employees of financial institutions, or their subsidiaries that act as residential loan originators, are required to register with the Nationwide Mortgage Licensing System and Registry.

The bill would amend the SAFE Act to grant all state and federal financial regulatory officials access to NMLS and Registry information without jeopardizing privilege or confidentiality provided under federal and state law.

Currently, only state and federal regulators with mortgage oversight authority are allowed access to the NMLS and Registry data.


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