Who qualifies as an MLO? Are your MLOs meeting their registration and audit mandates? What are the compensation rules? How does the SAFE Act fit in? This in-depth webinar will cover the ins and outs of MLOs and the SAFE Act, including how to avoid hefty penalties for noncompliance.
- Identify who must register, which employees meet the definition of “mortgage loan originator,” and which are exempt
- Understand the steps required in the initial and subsequent registration process,including proper use of forms, criminal background checks, fingerprinting, and submission of MLO registration
- Follow the required policies, procedures, and compensation rules
- Complete nine required steps for the annual audit
- Avoid potential penalties for noncompliance, which can reach $25,000 per incident for making unlicensed loans
Mortgage loan originators (MLOs) face many compliance obligations, starting with mandates for the registration process. They are also required to perform an annual independent audit. This webinar is the perfect opportunity to get clarity on these rules.It will also address the SAFE Act requirements, provide an overview of the Loan Originator Compensation Rule, and proffer nine steps for auditing for the SAFE Act.