Joint Release
Office of the Comptroller of the Currency
Board of Governors Federal Reserve System
Federal Deposit Insurance Corporation
Office of Thrift Supervision
Farm Credit Administration
National Credit Union Administration
For Immediate Release July 28, 2010
Federal Agencies Issue Final Rules to Implement S.A.F.E. Act Requirements for
Registration of Mortgage Loan Originators
Federal agencies issued final rules today requiring residential mortgage loan originators
who are employees of national and state banks, savings associations, Farm Credit
System institutions, credit unions, and certain of their subsidiaries (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 final rules are being issued 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 (the agencies).
The S.A.F.E. Act requires residential mortgage loan originators who are employees of
agency-regulated institutions to be registered with the Nationwide Mortgage Licensing
System and Registry (registry). The registry is a database created by the Conference of
State Bank Supervisors 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, residential mortgage loan originators must furnish to the
registry information and fingerprints for background checks. The S.A.F.E. Act generally
prohibits employees of agency-regulated institutions from originating residential
mortgage loans unless they register with the registry.
The agencies' final rules establish the registration requirements for residential mortgage
loan originators employed by agency-regulated institutions and requirements for these
institutions, including the adoption of policies and procedures to ensure compliance with
the S.A.F.E. Act and final rules. As required by the S.A.F.E. Act, the final rules also
require that each residential mortgage loan originator obtain a unique identifier through
the registry that will remain with that residential mortgage loan originator, regardless of
changes in employment. This will enable consumers to easily access employment and
other background information about registered mortgage loan originators from the
registry. Under the final rules, registered mortgage loan originators and agency-
regulated institutions must provide these unique identifiers to consumers.
The final rules take effect on October 1, 2010. The agencies anticipate that the registry
could begin accepting federal registrations as early as January 28, 2011. Employees of
agency-regulated institutions must not register until the agencies instruct them to do so.
The agencies will provide an advance announcement of the date when the registry will
begin accepting federal registrations, and agency-regulated institutions and their
Office of the Comptroller of the Currency
Board of Governors Federal Reserve System
Federal Deposit Insurance Corporation
Office of Thrift Supervision
Farm Credit Administration
National Credit Union Administration
For Immediate Release July 28, 2010
Federal Agencies Issue Final Rules to Implement S.A.F.E. Act Requirements for
Registration of Mortgage Loan Originators
Federal agencies issued final rules today requiring residential mortgage loan originators
who are employees of national and state banks, savings associations, Farm Credit
System institutions, credit unions, and certain of their subsidiaries (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 final rules are being issued 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 (the agencies).
The S.A.F.E. Act requires residential mortgage loan originators who are employees of
agency-regulated institutions to be registered with the Nationwide Mortgage Licensing
System and Registry (registry). The registry is a database created by the Conference of
State Bank Supervisors 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, residential mortgage loan originators must furnish to the
registry information and fingerprints for background checks. The S.A.F.E. Act generally
prohibits employees of agency-regulated institutions from originating residential
mortgage loans unless they register with the registry.
The agencies' final rules establish the registration requirements for residential mortgage
loan originators employed by agency-regulated institutions and requirements for these
institutions, including the adoption of policies and procedures to ensure compliance with
the S.A.F.E. Act and final rules. As required by the S.A.F.E. Act, the final rules also
require that each residential mortgage loan originator obtain a unique identifier through
the registry that will remain with that residential mortgage loan originator, regardless of
changes in employment. This will enable consumers to easily access employment and
other background information about registered mortgage loan originators from the
registry. Under the final rules, registered mortgage loan originators and agency-
regulated institutions must provide these unique identifiers to consumers.
The final rules take effect on October 1, 2010. The agencies anticipate that the registry
could begin accepting federal registrations as early as January 28, 2011. Employees of
agency-regulated institutions must not register until the agencies instruct them to do so.
The agencies will provide an advance announcement of the date when the registry will
begin accepting federal registrations, and agency-regulated institutions and their
applicable employees will have 180 days from that date to comply with the initial
registration requirements.
# # #
Attachment: The Federal Register notice and final rules are attached - PDF. (PDF Help)
(FDIC: PR-170-2010)
Media Contacts:
OCC Dean DeBuck (202) 874-5770
Federal Reserve Barbara Hagenbaugh (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
registration requirements.
# # #
Attachment: The Federal Register notice and final rules are attached - PDF. (PDF Help)
(FDIC: PR-170-2010)
Media Contacts:
OCC Dean DeBuck (202) 874-5770
Federal Reserve Barbara Hagenbaugh (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