Credit union mortgage lenders face an array of different and very confusing regulatory changes as new rules meant to more tightly oversee the mortgage industry get put into effect, an expert told the American Credit Union Mortgage Association at its Washington, D.C., regional workshop this week.

One significant area of possible confusion and contention arises from federal rules created by the Secure and Fair Enforcement for Mortgage Licensing Act of 2008, which is supposed to oversee the registration and, to some extent, tracking of mortgage originators.

Under the new rules, there are areas of conflict between when and under what circumstances, an individual is an mortgage loan originator and when they need to be registered (federal rules) or licensed (state rules).

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