The Housing and Economic Recovery Act 0f 2008, signed into law at the end of July last year has brought with it many changes. In addition to providing significant mortgage reform, this comprehensive act addresses a number of important financial components.
SAFE mortgage licensing is one of the Title V sections that deals with secure and fair enforcement for mortgage licensing. Pre-licensing as well as continuing education are both affected by the SAFE Mortgage Licensing Act. New students that are just getting their licenses and certifications need to be aware of these changes.
FHA training is also seeing significant overhaul as a result of the Housing and Recovery Act. If you are looking to specialize in mortgage brokering or loan origination, having extensive knowledge of the Federal Housing Administrations new requirements will only enhance your job prospects.
Because of the intense oversight that comes attached with the Stimulus bail out money, the federal government is beginning to outline the national level regulations. State and some local government entities will also have to formulate their layers of rules that allow for fine, granular control of the mortgage lending process.
In the end, all of the new laws and regulations will leave us with a financial situation that hopefully is more stable and less likely to collapse. That would be a great industry to be a part of.