Magazine article Mortgage Banking

Federal Agencies Propose Originator Registration Rules under SAFE Act

Magazine article Mortgage Banking

Federal Agencies Propose Originator Registration Rules under SAFE Act

Article excerpt

Federal financial regulatory agencies have published for comment rules that would implement the loan originator registration requirements included in the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act). The proposed rules are being published in the Federal Register with a 30-day public comment period.

The agencies proposing the rules are the Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation (FDIC), Office of Thrift Supervision, Farm Credit Administration and National Credit Union Administration (NCUA).

The SAFE Act requires these federal agencies to develop and maintain a system for registering home loan originators who are employed by institutions regulated by any of the six federal regulators proposing the rule. The lending institutions affected by this proposal are national and state banks, savings associations, credit unions and farm credit system institutions.

Mortgage originators employed by regulated institutions must be registered with the Nationwide Mortgage Licensing System and Registry (NMLS), which is a database established by the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR). …

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