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Understanding T-SAFE and who is required to be licensed

Posted on Tuesday, July 16th, 2013 at 4:01 pm    

The Secure and Fair Enforcement for Mortgage Licensing Act of 2008, or commonly abbreviated as SAFE, is a law that is required to be implemented nationwide to better protect and prevent abuse of consumers who obtain mortgages. In Texas, this law is commonly known as T-SAFE and, according to federal regulations, requires certain professionals in the mortgage industry to be licensed.

Of the professionals that are required to be licensed under T-SAFE, those who receive or expect to receive money from people applying for a mortgage or going through the mortgage process, known as mortgage loan originators, are the most common. However, there are other professionals who are also required to be licensed in the state of Texas, including those who work as independent contractor loan processors or underwriters by providing clerical and support services.

If you are looking to buy a property in Austin, contact our real estate experts from Easy Road Home at 888-405-2817 to learn more about financing and mortgages, and to find the property you want.