Federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE)

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The Georgia Residential Mortgage Act was amended on July 1, 2009 to provide for loan originator licensing, as required by the Federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE).

SAFE requires that all loan originators be either licensed or registered through the Nationwide Mortgage Licensing System (NMLS) by March 31, 2010.

The SAFE Act requires state-licensed mortgage loan originators (MLOs) to pass a written qualified test, to complete pre-licensure education courses, and to take annual continuing education courses. The SAFE Act also requires all MLOs submit fingerprints to the Nationwide Mortgage Licensing System and Registry (NMLS) for submission to the FBI for a criminal background check and state-licensed MLOs to provide authorization for NMLS to obtain an independent credit report. The Test, Education, and Background Checks links can be found on the NMLS website under the "Professional Requirements" tab and explain how state-licensed MLOs can satisfy each of these professional requirements.

When on the NMLS website, look under the "Licensees" tab and then choose "Getting Started: Loan Originators" and "Loan Originators Overview". Please read very carefully the instructions to establish a loan originator record with NMLS, as the system does not refund fees. Once a record is established for a loan originator, the individual can register for pre-licensing education and testing. Again, fees are not refundable so please read all instructions and information before proceeding with any of the filings. The NMLS help desk number is 240.386.4444.

Loan originators can begin the license application process through NMLS on January 2, 2010. All Georgia loan originators must be licensed by March 31, 2010. All available information regarding loan originator licensing is on the NMLS website.