Joint Release
Board of Governors of the Federal Reserve System
Office of the Comptroller of the Currency
Federal Deposit Insurance Corporation
Office of Thrift Supervision
For Immediate Release June 1, 2009
Federal Agencies Propose Rule to Implement S.A.F.E. Act Mortgage Loan
Originator Registration Requirements
Washington – The Federal financial institution regulatory agencies (the Agencies) are
together issuing for public comment proposed rules requiring mortgage loan originators
who are employees of Agency-regulated institutions to meet the registration
requirements of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008
(S.A.F.E. Act).
The S.A.F.E. Act requires the Agencies to jointly develop and maintain a system for
registering residential mortgage loan originators who are employees of Agency-
regulated institutions, including national and State banks, savings associations, credit
unions, and Farm Credit System institutions, and certain of their subsidiaries. These
mortgage loan originators must be registered with the Nationwide Mortgage Licensing
System and Registry (Registry), a database established by the Conference of State
Bank Supervisors (CSBS) and the American Association of Residential Mortgage
Regulators to support the licensing of mortgage loan originators by the States. As part
of this registration process, mortgage loan originators must furnish to the Registry
background information and fingerprints for a background check. The S.A.F.E. Act
generally prohibits employees of an Agency-regulated institution from originating
residential mortgage loans without first registering with the Registry.
The proposal, which is being issued jointly by the Office of the Comptroller of the
Currency, Board of Governors of the Federal Reserve System, Federal Deposit
Insurance Corporation, Office of Thrift Supervision, Farm Credit Administration, and
National Credit Union Administration, establishes the registration requirements for
mortgage loan originators employed by Agency-regulated institutions as well as
requirements for these institutions, including the adoption of policies and procedures to
ensure compliance with the S.A.F.E Act and final rule. As required by the law, the
proposal also requires these mortgage loan originators to obtain a unique identifier
through the Registry that will remain with that originator, regardless of changes in
employment. When the system is fully operational, consumers will be able to use the
unique identifiers to access employment and other background information of registered
mortgage loan originators. Pursuant to the S.A.F.E. Act, the proposal further requires
these mortgage loan originators to provide their unique identifiers to consumers in
certain circumstances and Agency-regulated institutions to make them available to
consumers.
Board of Governors of the Federal Reserve System
Office of the Comptroller of the Currency
Federal Deposit Insurance Corporation
Office of Thrift Supervision
For Immediate Release June 1, 2009
Federal Agencies Propose Rule to Implement S.A.F.E. Act Mortgage Loan
Originator Registration Requirements
Washington – The Federal financial institution regulatory agencies (the Agencies) are
together issuing for public comment proposed rules requiring mortgage loan originators
who are employees of Agency-regulated institutions to meet the registration
requirements of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008
(S.A.F.E. Act).
The S.A.F.E. Act requires the Agencies to jointly develop and maintain a system for
registering residential mortgage loan originators who are employees of Agency-
regulated institutions, including national and State banks, savings associations, credit
unions, and Farm Credit System institutions, and certain of their subsidiaries. These
mortgage loan originators must be registered with the Nationwide Mortgage Licensing
System and Registry (Registry), a database established by the Conference of State
Bank Supervisors (CSBS) and the American Association of Residential Mortgage
Regulators to support the licensing of mortgage loan originators by the States. As part
of this registration process, mortgage loan originators must furnish to the Registry
background information and fingerprints for a background check. The S.A.F.E. Act
generally prohibits employees of an Agency-regulated institution from originating
residential mortgage loans without first registering with the Registry.
The proposal, which is being issued jointly by the Office of the Comptroller of the
Currency, Board of Governors of the Federal Reserve System, Federal Deposit
Insurance Corporation, Office of Thrift Supervision, Farm Credit Administration, and
National Credit Union Administration, establishes the registration requirements for
mortgage loan originators employed by Agency-regulated institutions as well as
requirements for these institutions, including the adoption of policies and procedures to
ensure compliance with the S.A.F.E Act and final rule. As required by the law, the
proposal also requires these mortgage loan originators to obtain a unique identifier
through the Registry that will remain with that originator, regardless of changes in
employment. When the system is fully operational, consumers will be able to use the
unique identifiers to access employment and other background information of registered
mortgage loan originators. Pursuant to the S.A.F.E. Act, the proposal further requires
these mortgage loan originators to provide their unique identifiers to consumers in
certain circumstances and Agency-regulated institutions to make them available to
consumers.
Because modification of the Registry to accept Federal registrations involves complex
technical issues, the proposed rule provides for a delay in implementation of the
registration requirements until 180 days after the Registry becomes operational and
available for initial federal registrations.
The Federal Register notice and proposed rule are attached. The proposal will soon be
published in the Federal Register and the comment period will end 30 days thereafter.
# # #
Attachment:
Final Rule - PDF 655k (PDF Help)
Media Contacts:
OCC Dean DeBuck (202) 874-5770
Federal Reserve Susan Stawick (202) 452-2955
FDIC David Barr (202) 898-6992
OTS William Ruberry 202-906-6677
FCA Christine Quinn (703) 883-4056
NCUA Cherie Umbel (703) 518-6337
FDIC-PR-83-2009
technical issues, the proposed rule provides for a delay in implementation of the
registration requirements until 180 days after the Registry becomes operational and
available for initial federal registrations.
The Federal Register notice and proposed rule are attached. The proposal will soon be
published in the Federal Register and the comment period will end 30 days thereafter.
# # #
Attachment:
Final Rule - PDF 655k (PDF Help)
Media Contacts:
OCC Dean DeBuck (202) 874-5770
Federal Reserve Susan Stawick (202) 452-2955
FDIC David Barr (202) 898-6992
OTS William Ruberry 202-906-6677
FCA Christine Quinn (703) 883-4056
NCUA Cherie Umbel (703) 518-6337
FDIC-PR-83-2009