Earlier this week, MHI distributed to all certified representatives a draft comment letter relating to HUD’s proposed rule on the SAFE Act.
The SAFE Act is a federal law which requires all states to adopt laws requiring certain persons to become licensed loan originators if they perform certain loan origination functions. HUD may implement its own program in any state which it deems not in compliance with the federal SAFE Act. MHI’s draft comment letter discusses the impact of the SAFE Act upon industry lenders, retailers and community owners. All MHI members are encouraged to use MHI’s draft letter as a template for submitting comments to HUD by the comment period deadline, which is close of business on Tuesday, February 16th.
Dear MHI Members:
Attached please find a final draft of the MHI Comment letter regarding the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act). We encourage all members to file comments on behalf of your companies and the industry – and to use the MHI Comment letter as a basis for your own letter. The comment period ends next Tuesday, February 16, 2010.
Filing Instructions
There are two methods for submitting public comments.
Comment letters may be submitted by mail to the address found in the letter:
Regulations Division
Office of General Counsel
Department of Housing and Urban Development
451 Seventh Street, S.W., Room 10276
Washington, D.C. 20410-0500
However, HUD strongly encourages electronic submission of comments because it gives the commenter maximum time to prepare and submit a letter, and enables HUD to make comment letters immediately available to the public. Interested persons may submit comments electronically through the Federal eRulemaking Portal at http://www.regulations.gov. Commenters should follow the instructions provided on that site to submit comments electronically.
All submissions must refer to the Docket Number and Title:
Docket No. FR-5271-P-01
Title: SAFE Mortgage Licensing Act: HUD Responsibilities Under the SAFE Act
In addition to working through the regulatory process, MHI will also be pursuing a legislative remedy to relieve the industry of this challenging burden we now face. We will be keeping you all apprised of these efforts over the coming weeks, and will be relying on grassroots support in order to achieve success.
Should you have any questions/comments, please don’t hesitate to contact us.
Thank you-
Thayer
Thayer Long | Executive Vice-President | MHI
2111 Wilson Blvd. Suite 100| Arlington, VA 22201
Phone: (703) 558-0678| Fax: (703) 558-0401| Email: tlong@mfghome.org
