Final answer:
The SAFE Act was created in 2008 to protect consumers through establishing standards for Mortgage Loan Originators (MLOs). It requires MLOs to meet certain minimum standards, such as completing pre-licensing education and passing a written test. The act helps to safeguard consumers from fraud and abusive practices in the mortgage industry.
Step-by-step explanation:
The SAFE Act was created in 2008 to protect consumers through establishing standards for Mortgage Loan Originators (MLOs). The act aims to ensure that MLOs are knowledgeable and follow ethical practices while working with consumers in the mortgage origination process.