Potential ramifications of the SAFE Act for REALTORS®

NHAR has been closely monitoring and analyzing the potential implications of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (the “SAFE Act”) in short sale transactions.

Although there is still an unfortunate lack of interpretive authority for this newly-adopted statute, it is clear that there are certain types of conduct that a REALTOR could engage in while representing a client in a short sale that would result in an inadvertent breach of the SAFE Act.

Therefore, given that such a breach could result in significant penalties (including a monetary penalty of up to $25,000 for each violation), NHAR has prepared this bulletin in an effort to give members a brief overview of law applicable in this realm.

Click here to read the bulletin.