The S.A.R.A Report is the first and only report that provides a prior point in-time verification of licensing compliance with Third-Party Originator NMLS license requirements and the SAFE Act.
The Report was developed based on some customer feedback and will aid due diligence firms, servicers and lenders complying with loan audit reports to verify the originators status, authorization to do business and the relationship of the Loan Officer to the employing mortgage company – at the time of the loan application and funding dates.
The S.A.R.A. Report is the only available industry report that offers regression status checks utilizing data from the NMLS database.
Appending a S.A.R.A. Report to a loan file will protect your business and mitigate the risk of re-purchase due to non-compliance with the SAFE Act.