Qualified Loan Originator & SAFE Act Update

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To: All Illinois Habitat for Humanity affiliates:

On Friday, June 15th, Habitat for Humanity of Illinois (the SSO) had a discussion with Habitat for Humanity International regarding the Mortgage Origination Process for Affiliates in the State of Illinois. In particular, HFH IL was concerned about the requirements that Affiliates were expected to meet by June 30, 2018 in order to remain in good standing. Per our discussion with HFHI, the following has been agreed upon.

  • An Affiliate will be granted a 90 day Conditional Good Standing Status for any deficiency in QLO status, if it (i) has made a determination of financial responsibility, character and general fitness of all individuals performing loan originator activities, based on a review of a criminal background check, credit report, and other relevant information; (ii) is working either with the licensed Illinois affiliate or another licensed third party originator for its loan origination; and (iii) is working to complete the following:
    Complete the ABA Loan Originator Curriculum (free for affiliates), download enrollment form;
  • Complete 2 hour State of Illinois Course. Habitat for Humanity of Illinois SSO has commissioned an online course to be developed to meet this requirement and it is expected to be available by the end of July. There will be no charge to the affiliate to take the course;
  • As there is nowhere on the self-service portal to upload your information regarding the 90 day conditional good standing, please send your update information directly to QLO@Habitat.org.

Affiliates with a Conditional Good Standing status will be eligible to receive any draws from a multi-year Program, such as SHOP,CB etc. until September 30th, 2018.

We are continuing to work to get the SAFE Act exemption legislation passed here in Illinois for Habitat as well as working on alternative contingency plans. The background checks, ABA curriculum and State of Illinois course are all requirements under HFHI, so they will remain in effect even if a SAFE Act exemption is granted.