SAFE Information
Before He left office President George W. Bush signed into law the federal SAFE act of 2008. While there is a lot in the SAFE act that has largely benefited the real estate industry as a whole, the mortgage industry is being radically remodeled. Our team at Praedo has been working closely with state and federal agencies since this law was in Congress in order to provide the best possible education to both prepare you for this massive overhaul and to help better the industry as a whole. We are dedicating this section of our website to help you to better understand SAFE. We hope that it will largely contribute to your success in this changing industry.
Praedo Institute. Taking real estate and mortgage education to the next level.
"The passage of the S.A.F.E. Act will accelerate state participation in NMLS. The tremendous success of NMLS shows that there is no need to set up a duplicative system at the federal level. All in all, we could not be more pleased with NMLS’ first year of operations, which makes us excited about what is coming in 2009."
CSBS President and CEO Neil Milner“Today, there are no national standards for mortgage brokers and lenders. And there is only a thin patchwork of regulation by the states. This has allowed unsavory lenders and brokers to take advantage of borrowers, and contributed to the sub-prime mortgage crisis. This legislation would reverse that. It would ensure that every mortgage broker and lender in the United States is trained, licensed, and has no record of impropriety. This will help boost confidence in our lending system and protect consumers.”
Senator Dianne Feinstein