12 2 STA T . 2 8 1 0PUBLIC LA W 110 – 28 9—J UL Y3 0 , 2008 orw or k o utplanexc ee ds, on a net present v alue b as i s, t h e anticipated recover y on the principal outstandin g obligation o f the m ortgage through foreclosure .‘ ‘ ( b )DEFIN I T I O N. —A s used in this section, the term ‘servicer ’ means the person responsible for servicing of a loan (including the person who makes or holds a loan if such person also services the loan).’’. SEC.140 4. R E VI SE D S TAN DARDS FO RF H AA P PRAISERS. S ection 20 2(e) of the N ational H ousing Act ( 1 2 U .S. C . 1 7 0 8 (e)) is amended by adding at the end the following
‘‘( 5 )A D DITION AL A P P R AI S ER STANDARDS.— B eginning on the date of enactment of the F ederal Housing Finance R egulatory Reform Act of 2008, any appraiser chosen or approved to con - duct appraisals for mortgages under this title shall— ‘‘(A) be certified— ‘‘(i) by the State in which the property to be appraised is located
or ‘‘(ii) by a nationally recogni z ed professional appraisal organization; and ‘‘(B) have demonstrated verifiable education in the appraisal re q uirements established by the Federal Housing Administration under this subsection.’’. TI T LEV—S.A . F .E. MOR T G AGE LI C E N SING ACT SEC. 1 5 01. SHORT TIT L E. T his title may be cited as the ‘‘Secure and Fair E nforcement for M ortgage L icensing Act of 2008’’ or ‘‘S.A.F.E. Mortgage Licensing Act of 2008’’. SEC. 150 2 .P U RPOSES AND M ETHODS FOR ESTA B LISHIN G A MORTGAGE LICENSING S Y STEM AND REGISTRY. I n order to increase uniformity, reduce regulatory burden, enhance consumer protection, and reduce fraud, the States, through the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators, are hereby encour- aged to establish a Nationwide Mortgage Licensing System and Registry for the residential mortgage industry that accomplishes all of the following ob j ectives: (1) P rovides uniform license applications and reporting requirements for State-licensed loan originators. (2) Provides a comprehensive licensing and supervisory database. ( 3 ) Aggregates and improves the flow of information to and between regulators. ( 4 ) Provides increased accountability and tracking of loan originators. (5) Streamlines the licensing process and reduces the regu- latory burden. ( 6 ) Enhances consumer protections and supports anti-fraud measures. (7) Provides consumers with easily accessible information, offered at no charge, utilizing electronic media, including the Internet, regarding the employment history of, and publicly Sta t e a ndloc al g o v e r n m ent s.12U S C5 1 0 1 note. Sec u re and F a i r E n f orcement for M ortgage L icensing A ct of 200 8 . 12 USC 5101 note. Certification. Effective date.
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