Jason Boehlert at MHI has informed MHMSM.com that the complete final SAFE Act rule is about to be published. The rule will not officially be released in the Federal Register until tomorrow. Deborah Robertson of McGlinchey-Stafford is in the process of compiling a detailed analysis and interpretation of the final rule for MHI, which we will release as soon as it is available. However, in the meantime, there are several sections within the rule that MHI members may want to familiarize themselves with, including:
- Pages 21-23: Taking an application
- Pages 23-28: Offers or negotiates
- Pages 28-30: Compensation or gain
- Page 35: Seller financing
- Page 140: Appendix with examples or mortgage loan originator activities
Additional information will be provided as it becomes available.
Safe Act Rule Download: http://mhmsm.com/downloads/mhi/110629/SAFE-Act-Final-Rule.pdf
