S.A.F.E. Act Information

Step-by-step licensing process and requirements

CLICK HERE for revised S.A.F.E. Act License Steps

Who must be licensed as a Mortgage Loan Originator (MLO)?
Any retailer and/or salesperson who sells a home and plans to receive some compensation relating to the financing aspect of selling the home from a lender SPIFs, “points”, origination fees or bonuses etc.
Any retailer who receives more money on a home sale that is financed than they would had someone walked in and purchased the home for cash
Any retailer who owner-finances home sales
Who does not need to be licensed?
Retailers and/or salespersons who do not receive financing-related compensation
Retailers and/or salespersons who receive the same amount on a financed transaction as they would had the sale been a cash transaction
General administrative or clerical staff of a licensed MLO engaged in “clerical or support duties“
Clerical and support duties definition: following the receipt of an application from a consumer, the receipt, collection, distribution, and analysis of information related to the processing or underwriting of a residential mortgage loan; and communication with a consumer to obtain information necessary to process or underwrite a loan, to the extent that the communication does not include offering or negotiating loan rates or terms or counseling the consumer about residential mortgage loan rates or terms.
The Texas Office of Consumer Credit Commission enforces S.A.F.E Act compliance

Contact Caitlin with S.A.F.E. Act questions