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S.A.F.E. ACT Implementation
The initial period for federal registration of residential mortgage loan originators has begun, and will run from January 31, 2011 through July 29, 2011. The OCC, along with the Federal Deposit Insurance Corporation, Board of Governors of the Federal Reserve System, Office of Thrift Supervision, National Credit Union Administration, and Farm Credit Administration officially announced this registration period on January 31, 2011. See the press release: Agencies Announce Start of Initial Registration Period Under S.A.F.E. Act's Mortgage Loan Originator Provisions. To register, and to obtain more information about the registration process, visit the Registry Web site.
Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (S.A.F.E. Act) Implementation
The S.A.F.E. Act establishes federal registration requirements for any individual who acts as a residential mortgage loan originator (MLO) and is employed by a financial institution, and certain subsidiaries, regulated by:
In July 2010, these federal agencies issued jointly developed final rules that require MLOs to register with the Nationwide Mortgage and Licensing System and Registry (Registry) as required by the S.A.F.E. Act. The OCC's rule, which amends 12 CFR Part 34, applies to national banks, federal branches and agencies of foreign banks, and their operating subsidiaries. The other federal agencies have issued identical rules for their regulated institutions. Registrations must be completed through the Registry, using its Web-based system.
The Registry has completed its system modifications and enhancements required to make the existing system capable of accepting federal registrations, and the initial registration period began on January 31, 2011. OCC-regulated institutions and their MLO employees have 180 days from this date (July 29, 2011) to comply with the initial registration requirements of the final rule. MLOs may continue to originate mortgage loans even if not registered until the end of this 180-day period. The Registry will provide agency-regulated institutions and their MLOs assistance with the registration process, including access to its national call center.