Department of Housing and Urban Development: SAFE Mortgage Licensing Act: Minimum Licensing Standards and Oversight Responsibilities
GAO-11-817R: Jul 14, 2011
- Full Report:
GAO reviewed the Department of Housing and Urban Development's (HUD) new rule on Secure and Fair Enforcement (SAFE) Mortgage Licensing Act of 2008's minimum licensing standards and oversight responsibilities. GAO found that (1) the final rule sets forth the minimum standards for the state licensing and registration of residential mortgage loan originators, requirements for operating the Nationwide Mortgage Licensing System and Registry, and HUD's federal oversight responsibilities pursuant to the SAFE Mortgage Licensing Act, to ensure proper monitoring and enforcement of states' compliance with statutory requirements; and (2) HUD complied with applicable requirements in promulgating the rule.