Many California originators lag in SAFE compliance
(Free content) Of the 40,000 mortgage originators registered with the California Department of Real Estate, only 15,000 have completed the process to comply with the SAFE Act, Dale DiGennaro, president of the California Association of Mortgage Professionals told attendees at the group's meeting in Long Beach, Calif. The industry is now showing signs of improvement after three years of upheaval. Much has changed since the last time the organization (then called the California Association of Mortgage Brokers) met in this city back in 2007, he noted. During that convention, First Magnus shut its doors, while depositors became antsy about the future prospects of IndyMac.