SAFE Act / Regulation H

12 CFR Part 1008 (Regulation H)

Implements the S.A.F.E. (Secure and Fair Enforcement) Mortgage Licensing Act of 2008 (12 U.S.C. 5101–5116), setting the minimum uniform standards states must meet to license and register individual residential mortgage loan originators and to participate in the Nationwide Mortgage Licensing System and Registry (NMLS). Minimum state license standards include at least 20 hours of pre-licensing education, a written qualified test (75% passing score), a criminal-background check via FBI fingerprint submission, a credit report / financial-responsibility and fitness review, and annual continuing education. It also establishes the Bureau's backstop licensing and registration system for loan originators in any state that fails to adopt a compliant system.