Please explain the SAFE ACT!!!

[Jerry W.]

Hey all I am hoping to get some of the heavyweights to pitch in and help with information on the SAFE ACT.

I have been able to pick up some of it. It has very strict requirements that require every mortgage professional who works on a mortgage to register their loan officer number to that mortgage file.

What I do not understand are the hints I hear about possible limits on lengths of mortgages,amount of interest, the number of mortgages you do, and who is actually covered by this act.

Is this a national act that covers everyone the same or can states change it for their preferences?

Hopefully I can get someone like @Bill Gulley, or @Steven Hamilton II , to jump in and help on this.