MORTGAGE LOAN COMPLIANCE®

Secure and Fair Enforcement for Mortgage Licensing Act, a federal provision signed by President Bush on July 30, 2008, gave states one year to pass laws requiring the licensing of loan originators according to national standards and start participating in the National Mortgage Licensing System.

Earlier this month 48 states and the District of Columbia have done so. California is expected to comply this month or next, leaving Minnesota as the lone holdout.

The states have been aggressive, Bill Matthews, president of the Conference of State Bank Supervisors' subsidiary which runs the NMLS, said at the American Association of Residential Mortgage Regulators' annual conference in Savannah, Ga. "You tell me anytime in history that all states have acted so quickly? This is a huge lift," he said.

Mr. Matthews said CSBS is now in the process of adding "functionality" to meet the SAFE Act's other requirements, including a streamlined renewal component and consumer access.

AARMR Secretary Rod Carnes of North Carolina's Department of Banking and Finance, agreed: "I think this speaks volumes for the states."

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