Title V of the Housing and Economic Recovery Act of 2008 is commonly known as what?

Title V of the Housing and Economic Recovery Act of 2008 is commonly referred to as the SAFE Act, which stands for the Secure and Fair Enforcement for Mortgage Licensing Act. This legislation was established to enhance consumer protection and reduce fraudulent activities in the mortgage industry by implementing a comprehensive licensing and supervisory framework for mortgage loan originators.

The SAFE Act mandates that all mortgage loan originators must be registered and/or licensed through the Nationwide Mortgage Licensing System and Registry (NMLS). It sets forth uniform licensing requirements and testing that ensure mortgage professionals meet specific standards of competency and conduct, helping to instill greater confidence in the mortgage process for consumers.

The mention of related laws, such as the FACT Act, Gramm-Leach Bliley Act, and Red Flag Rules, highlights the different aspects of financial and consumer protection legislation, but they do not pertain specifically to the licensing and regulation framework introduced by the SAFE Act. The FACT Act focuses on identity theft protection and consumer reporting; the Gramm-Leach Bliley Act pertains to the deregulation of financial services; while the Red Flag Rules set guidelines on how financial institutions must address identity theft risks. Therefore, the SAFE Act is distinctly aligned with the objectives of mortgage licensing and originator regulation, making it the correct answer.