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What is one of the responsibilities of the Division of Consumer Finance?
Monitoring financial market trends
Enforcing compliance with the SAFE Act
Providing loans to consumers
Settling disputes between mortgage lenders
The correct answer is: Enforcing compliance with the SAFE Act
One of the primary responsibilities of the Division of Consumer Finance is enforcing compliance with the SAFE Act, which stands for the Secure and Fair Enforcement for Mortgage Licensing Act. This act was established to enhance consumer protection and reduce fraud by requiring mortgage loan originators to be licensed and maintain certain standards. The Division plays a crucial role in ensuring that mortgage professionals adhere to these regulations. This involves overseeing the licensing process, monitoring the conduct of licensed mortgage professionals, and taking enforcement actions against those who violate the law. By enforcing compliance with the SAFE Act, the Division helps to ensure a more transparent and trustworthy mortgage lending environment for consumers. Monitoring financial market trends and settling disputes between lenders, while important functions in the financial ecosystem, do not fall under the specific purview of the Division. Providing loans to consumers is a function typically executed by lenders and not by regulatory bodies such as the Division of Consumer Finance.