AGENCIES ANNOUNCE START OF SAFE ACT MLO REGISTRATION
As expected, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of Thrift Supervision, the Farm Credit Administration and the National Credit Union Administration (Agencies) have announced that the system for federal registration of residential mortgage loan originators (MLOs) will begin accepting registrations today. See Alert dated January 5, 2011.
The Agencies’ rules implementing the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) require certain MLOs (generally those employed by Agency-regulated institutions) to register with the Nationwide Mortgage Licensing System and Registry (NMLSR) within 180 days of the date the Registry begins accepting federal registrations. Thus, the initial registration period will expire on July 29, 2011; after the initial registration period expires, MLOs will be prohibited from originating residential mortgage loans until they successfully complete the federal registration process.
- Judy Scheiderer