Understanding the Small Institution exemption in the SAFE Act Here is a story problem for you. You are a tiny institution with 10 full-time employees and two part-time employees. You have several Mortgage Loan Originators on staff. This makes it difficult to have an administrator who is NOT an MLO, as the regulation requires. However, [...]

by Coppelia Padgett, Senior Analyst, AffirmX 7/25/2013 It can be a daunting challenge just keeping up with how long to keep various records, many of which have multiple regulations that impact how long them must be kept. To assist those charged with managing records at their financial institution, we have compiled a Record Retention Schedule [...]

Remember the good old days (back in 1993) when you only needed to do an ACH audit once every three years? Apparently, NACHA didn’t feel that was enough. Now, you are required to perform an ACH audit every year by December 1 of each year. Hence, most financial institutions put off having their audits done [...]

The Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) has changed how the residential mortgage loan industry operates at a very fundamental level. This sweeping legislation has created a nationwide licensing and registration system for residential mortgage loan originators (MLOs). The law seeks to provide accountability and tracking of MLOs, support anti-fraud measures, [...]