Thanks to the 2008 SAFE Act, or Secure and Fair Enforcement for Mortgage Licensing Act, many mortgage officers around the country are facing stricter guidelines for education and licensing. These requirements are designed to protect consumers from unqualified brokers as well as make it easier for states to identify and prosecute loan officers who engage in fraudulent activities .
Many states, including Pennsylvania, are working with the NMLS (Nationwide Mortgage Licensing System) to toughen their training and licensing standards and participate in the national registry of mortgage loan originators and brokers.
PA brokers are now have to take appropriate Pennsylvania mortgage Broker training to gain or renew their broker license. This training covers not only federal and Pennsylvania mortgage law, but also provides a grounding in subjects such as fair lending, fraud, and ethics. These subjects are considered essential by Pennsylvania banking authorities. Training can be obtained from a variety of training organizations and companies with some offering on demand courses and others relying on more traditional teaching methods.
In addition to completing educational requirements, mortgage officers must submit to background checks, pass state and federal SAFE tests, and meet other qualifications to prove their ability to work with residential loan applicants.