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License and Registration Please
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February 16, 2009
In an effort to track, and hopefully prevent mortgage fraud, loan originators and appraisers are now going to be required to provide their license or registration numbers on loans that Fannie Mae or Freddie Mac acquire.
Beginning Jan. 1, 2010, or later, Fannie will require the aforementioned data identifies along with the originating company's information as mandated by the Federal Housing Finance Agency in its Title V of the Housing and Economic Recovery Act of 2008, the Secure and Fair Enforcement Mortgage Licensing Act, or S.A.F.E Act -- the same legislation that required a Nationwide Mortgage Licensing System and Registry to be developed.
Requiring Fannie and Freddie Mac to obtain this information could help officials track individuals who are involved in mortgage fraud incidence. Anyone who takes a mortgage application and negotiates mortgage terms is considered an originator, as defined by the law. As well as, the field appraiser who is a sub-contractor or employee of an appraiser is required to provide the license or certification number of the supervisory appraiser.
Read story at MortgageDaily.com
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