Joint Release
Board of Governors of the Federal Reserve System
Farm Credit Administration
Federal Deposit Insurance Corporation
National Credit Union Administration
Office of the Comptroller of the Currency
Office of Thrift Supervision
For Immediate Release January 31, 2011
Agencies Announce Start of Initial Registration Period Under S.A.F.E. Act's
Mortgage Loan Originator Provisions
Washington – The federal bank, thrift and credit union regulatory agencies, along with
the Farm Credit Administration, announce that the Nationwide Mortgage Licensing
System and Registry will begin accepting federal registrations today.
Under the Secure and Fair Enforcement for Mortgage Licensing Act (S.A.F.E. Act) and
the agencies' final rules, residential mortgage loan originators employed by banks,
savings associations, credit unions, or Farm Credit System institutions must register
with the registry, obtain a unique identifier from the registry, and maintain their
registrations.
Following expiration of the 180-day initial registration period on July 29, 2011, any
employee of an agency-regulated institution who is subject to the registration
requirements will be prohibited from originating residential mortgage loans without first
meeting these requirements. The rules include an exception for mortgage loan
originators that originated five or fewer mortgage loans during the previous 12 months
and who have never been registered; they would not be required to complete the
federal registration process.
The registry announcement is being made by the Board of Governors of the Federal
Reserve System, Farm Credit Administration, Federal Deposit Insurance Corporation,
National Credit Union Administration, Office of the Comptroller of the Currency, and
Office of Thrift Supervision. Further information regarding the registry and the
registration process is available at the registry's website:
http://mortgage.nationwidelicensingsystem.org/fedreg/Pages/default.aspx.
A notice about the initial registration period will be published soon in the Federal
Register. The Federal Register notice is attached.
Attachment:
Notice on Registration of Mortgage Loan Originators - PDF (PDF Help)
# # #
Board of Governors of the Federal Reserve System
Farm Credit Administration
Federal Deposit Insurance Corporation
National Credit Union Administration
Office of the Comptroller of the Currency
Office of Thrift Supervision
For Immediate Release January 31, 2011
Agencies Announce Start of Initial Registration Period Under S.A.F.E. Act's
Mortgage Loan Originator Provisions
Washington – The federal bank, thrift and credit union regulatory agencies, along with
the Farm Credit Administration, announce that the Nationwide Mortgage Licensing
System and Registry will begin accepting federal registrations today.
Under the Secure and Fair Enforcement for Mortgage Licensing Act (S.A.F.E. Act) and
the agencies' final rules, residential mortgage loan originators employed by banks,
savings associations, credit unions, or Farm Credit System institutions must register
with the registry, obtain a unique identifier from the registry, and maintain their
registrations.
Following expiration of the 180-day initial registration period on July 29, 2011, any
employee of an agency-regulated institution who is subject to the registration
requirements will be prohibited from originating residential mortgage loans without first
meeting these requirements. The rules include an exception for mortgage loan
originators that originated five or fewer mortgage loans during the previous 12 months
and who have never been registered; they would not be required to complete the
federal registration process.
The registry announcement is being made by the Board of Governors of the Federal
Reserve System, Farm Credit Administration, Federal Deposit Insurance Corporation,
National Credit Union Administration, Office of the Comptroller of the Currency, and
Office of Thrift Supervision. Further information regarding the registry and the
registration process is available at the registry's website:
http://mortgage.nationwidelicensingsystem.org/fedreg/Pages/default.aspx.
A notice about the initial registration period will be published soon in the Federal
Register. The Federal Register notice is attached.
Attachment:
Notice on Registration of Mortgage Loan Originators - PDF (PDF Help)
# # #
Media Contacts:
FCA Christine Quinn (703) 883-4056
FDIC Greg Hernandez (202) 898-6993
FRB Susan Stawick (202) 452-2955
NCUA Cherie Umbel (703) 518-6337
OCC Dean DeBuck (202) 874-5770
OTS William Ruberry (202) 906-6677
FDIC-PR-19-2011
FCA Christine Quinn (703) 883-4056
FDIC Greg Hernandez (202) 898-6993
FRB Susan Stawick (202) 452-2955
NCUA Cherie Umbel (703) 518-6337
OCC Dean DeBuck (202) 874-5770
OTS William Ruberry (202) 906-6677
FDIC-PR-19-2011