Description

The Housing and Economic Recovery Act of 2008 included, as a small part of a very comprehensive law, the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act). This law has fundamentally changed the manner in which residential mortgage loans are originated in the United States. The SAFE Act has mandated, by the Federal Government, a national and state licensing regimen for mortgage loan officers and has established a nationwide data base of these individuals and companies. This course will provide an in-depth examination of the SAFE Act, its operation and various potential issues in its implementation.

Michael J. Wallace, Esq.

Mr. Wallace’s career as an attorney specializing in mortgage banking/brokering and title insurance spans almost 25 years. He received his Juris Doctor from Syracuse University College of Law, and his Bachelor of Science from the State University of New York at Oswego.

From 1985 through 2004 Mr. Wallace has owned and operated successful title insurance agencies and represented prominent mortgage brokers and bankers. Mr. Wallace experience includes closing thousands of mortgage loans. In 1992 he began representing Upstate Capital Inc., a New York State registered mortgage broker located in Upstate New York.

In 2004 Mr. Wallace purchased Upstate Capital. He changed the company’s sales and marketing focus to reverse mortgages, and obtained FHA correspondent lender status and moved operations to East Syracuse, New York. Mr. Wallace expanded the company from a local presence to a multi-state broker. Mr. Wallace currently serves as the firm’s President.

Mr. Wallace is a licensed mortgage broker/and or title agent in New York, New Jersey, Pennsylvania, Connecticut and Florida. He has taught continuing education classes on mobile home law for judges, as well as Business Law I & II at a local business college. He is a speaker on the reverse mortgage and title insurance industries.

Mr. Wallace lives in a suburb of Syracuse with his wife, and two sons. His community activities include producing, directing, and acting in local theater, local political initiatives, serving on boards and committees for various non-profit organizations, and participating in local School District programs. His is a past Town of Dewitt Town Justice and currently serves on the town’s Sustainability Committee.