Who is responsible for enforcing the provisions of the SAFE Act?

The Consumer Financial Protection Bureau (CFPB) is responsible for enforcing the provisions of the SAFE Act, which stands for the Secure and Fair Enforcement for Mortgage Licensing Act. The SAFE Act was enacted to enhance consumer protection and reduce fraud in the mortgage industry by establishing a nationwide framework for mortgage licensing. The CFPB oversees the enforcement of numerous consumer financial protection laws, including those pertaining to mortgage loan originators, ensuring compliance with licensing requirements and promoting accountability within the mortgage lending process.

The role of the CFPB includes providing guidance and oversight to states, facilitating the registration of mortgage loan originators, and implementing regulations that guarantee the integrity of the mortgage licensing system. This central enforcement authority helps ensure that mortgage loan originators adhere to consumer protection standards and that the industry operates fairly and transparently.