Wednesday,
July 28, 2010
Part IV
Department of the Treasury
Office of the Comptroller of the
Currency
Federal Reserve System
Federal Deposit Insurance
Corporation
Department of the Treasury
Office of Thrift Supervision
Farm Credit Administration
National Credit Union
Administration
12 CFR Part 34, 208, 211, et al.
Registration of Mortgage Loan
Originators; Final Rule
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mstockstill on DSKH9S0YB1PROD with RULES4
July 28, 2010
Part IV
Department of the Treasury
Office of the Comptroller of the
Currency
Federal Reserve System
Federal Deposit Insurance
Corporation
Department of the Treasury
Office of Thrift Supervision
Farm Credit Administration
National Credit Union
Administration
12 CFR Part 34, 208, 211, et al.
Registration of Mortgage Loan
Originators; Final Rule
VerDate Mar<15>2010 19:42 Jul 27, 2010 Jkt 220001 PO 00000 Frm 00001 Fmt 4717 Sfmt 4717 E:\FR\FM\28JYR4.SGM 28JYR4
mstockstill on DSKH9S0YB1PROD with RULES4
44656 Federal Register / Vol. 75, No. 144 / Wednesday, July 28, 2010 / Rules and Regulations
1 The S.A.F.E. Act was enacted as part of the
Housing and Economic Recovery Act of 2008,
Public Law 110–289, Division A, Title V, sections
1501–1517, 122 Stat. 2654, 2810–2824 (July 30,
2008), codified at 12 U.S.C. 5101–5116. Citations in
this Supplementary Information section are to the
‘‘S.A.F.E. Act’’ by section number in the public law.
2 The OCC, Board, FDIC, OTS, and NCUA are
referred to both in the S.A.F.E. Act and in this
rulemaking as the ‘‘Federal banking agencies.’’
3 If the Secretary of Housing and Urban
Development (HUD) determines that any State fails,
within the statutorily prescribed timeframe, to
establish a licensing regime that meets the
requirements of the S.A.F.E. Act, the Secretary is
required to establish a system for the licensing and
registration of mortgage loan originators in that
State. S.A.F.E. Act at section 1508. See HUD
proposed rule implementing this requirement at 75
FR 66548 (Dec. 15, 2009). HUD has reviewed the
model legislation developed by the Conference of
State Bank Supervisors and the American
Association of Residential Mortgage Regulators to
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the
Currency
12 CFR Part 34
[Docket ID OCC–2010–0007]
RIN 1557–AD23
FEDERAL RESERVE SYSTEM
12 CFR Parts 208 and 211
[Docket No. R–1357]
FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Part 365
RIN 3064–AD43
DEPARTMENT OF THE TREASURY
Office of Thrift Supervision
12 CFR Part 563
[Docket No. 2010—0021]
RIN 1550–AC33
FARM CREDIT ADMINISTRATION
12 CFR Part 610
RIN 3052–AC52
NATIONAL CREDIT UNION
ADMINISTRATION
12 CFR Parts 741 and 761
RIN 3133–AD59
Registration of Mortgage Loan
Originators
AGENCY: Office of the Comptroller of the
Currency, Treasury (OCC); Board of
Governors of the Federal Reserve
System (Board); Federal Deposit
Insurance Corporation (FDIC); Office of
Thrift Supervision, Treasury (OTS);
Farm Credit Administration (FCA); and
National Credit Union Administration
(NCUA).
ACTION: Final rule.
SUMMARY: The OCC, Board, FDIC, OTS,
FCA, and NCUA (collectively, the
Agencies) are adopting final rules to
implement the Secure and Fair
Enforcement for Mortgage Licensing Act
(the S.A.F.E. Act). The S.A.F.E. Act
requires an employee of a bank, savings
association, credit union or Farm Credit
System (FCS) institution and certain of
their subsidiaries that are regulated by
a Federal banking agency or the FCA
(collectively, Agency-regulated
institutions) who acts as a residential
mortgage loan originator to register with
the Nationwide Mortgage Licensing
System and Registry, obtain a unique
identifier, and maintain this
registration. The final rule further
provides that Agency-regulated
institutions must: require their
employees who act as residential
mortgage loan originators to comply
with the S.A.F.E. Act’s requirements to
register and obtain a unique identifier,
and adopt and follow written policies
and procedures designed to assure
compliance with these requirements.
DATES: This final rule is effective on
October 1, 2010. Compliance with
§ __.103 (registration requirement) of the
final rule is required by the end of the
180-day period for initial registrations
beginning on the date the Agencies
provide in a public notice that the
Registry is accepting initial
registrations.
FOR FURTHER INFORMATION CONTACT:
OCC: Michele Meyer, Assistant
Director, Heidi Thomas, Special
Counsel, or Patrick T. Tierney, Senior
Attorney, Legislative and Regulatory
Activities, (202) 874–5090, and Nan
Goulet, Senior Advisor, Large Bank
Supervision, (202) 874–5224, Office of
the Comptroller of the Currency, 250 E
Street SW., Washington, DC 20219.
Board: Anne Zorc, Counsel, Legal
Division, (202) 452–3876, Virginia
Gibbs, Senior Supervisory Analyst,
(202) 452–2521, and Stanley Rediger,
Supervisory Financial Analyst, (202)
452–2629, Division of Banking
Supervision and Regulation, Board of
Governors of the Federal Reserve
System, 20th and C Streets, NW.,
Washington, DC 20551.
FDIC: Thomas F. Lyons, Examination
Specialist, (202) 898–6850, Victoria
Pawelski, Senior Policy Analyst, (202)
898–3571, or John P. Kotsiras, Financial
Analyst, (202) 898–6620, Division of
Supervision and Consumer Protection;
or Richard Foley, Counsel, (202) 898–
3784, or Kimberly A. Stock, Counsel,
(202) 898–3815, Legal Division, Federal
Deposit Insurance Corporation, 550 17th
Street, NW., Washington, DC 20429.
OTS: Charlotte M. Bahin, Special
Counsel (Special Projects), (202) 906–
6452, Vicki Hawkins-Jones, Special
Counsel, Regulations and Legislation
Division, (202) 906–7034, Debbie
Merkle, Project Manager, Credit Risk,
(202) 906–5688, and Rhonda Daniels,
Senior Compliance Program Analyst,
Consumer Regulations, (202) 906–7158,
Office of Thrift Supervision, 1700 G
Street, NW., Washington, DC 20552.
FCA: Gary K. Van Meter, Deputy
Director, Office of Regulatory Policy,
(703) 883–4414, TTY (703) 883–4434, or
Richard A. Katz, Senior Counsel, or
Jennifer Cohn, Senior Counsel, Office of
General Counsel, (703) 883–4020, TTY
(703) 883–4020, Farm Credit
Administration, 1501 Farm Credit Drive,
McLean, VA 22102–5090.
NCUA: Regina Metz, Staff Attorney,
Office of General Counsel, 703–518–
6561, or Lisa Dolin, Program Officer,
Division of Supervision, Office of
Examination and Insurance, 703–518–
6360, National Credit Union
Administration, 1775 Duke Street,
Alexandria, VA 22314–3428.
SUPPLEMENTARY INFORMATION:
I. Background
A. Statutory Requirements
The S.A.F.E. Act,1 enacted on July 30,
2008, mandates a nationwide licensing
and registration system for mortgage
loan originators. Specifically, the Act
requires all States to provide for a
licensing and registration regime for
mortgage loan originators who are not
employed by Agency-regulated
institutions within one year of
enactment (or two years for States
whose legislatures meet biennially). In
addition, the S.A.F.E. Act requires the
OCC, Board, FDIC, OTS and NCUA,2
through the Federal Financial
Institutions Examination Council
(FFIEC), and the FCA to develop and
maintain a system for registering
mortgage loan originators employed by
Agency-regulated institutions. The
S.A.F.E. Act specifically prohibits an
individual from engaging in the
business of residential mortgage loan
origination without first obtaining and
maintaining annually: (1) A registration
as a registered mortgage loan originator
and a unique identifier if employed by
an Agency-regulated institution (Federal
registration), or (2) a license and
registration as a State-licensed mortgage
loan originator and a unique identifier.3
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mstockstill on DSKH9S0YB1PROD with RULES4
1 The S.A.F.E. Act was enacted as part of the
Housing and Economic Recovery Act of 2008,
Public Law 110–289, Division A, Title V, sections
1501–1517, 122 Stat. 2654, 2810–2824 (July 30,
2008), codified at 12 U.S.C. 5101–5116. Citations in
this Supplementary Information section are to the
‘‘S.A.F.E. Act’’ by section number in the public law.
2 The OCC, Board, FDIC, OTS, and NCUA are
referred to both in the S.A.F.E. Act and in this
rulemaking as the ‘‘Federal banking agencies.’’
3 If the Secretary of Housing and Urban
Development (HUD) determines that any State fails,
within the statutorily prescribed timeframe, to
establish a licensing regime that meets the
requirements of the S.A.F.E. Act, the Secretary is
required to establish a system for the licensing and
registration of mortgage loan originators in that
State. S.A.F.E. Act at section 1508. See HUD
proposed rule implementing this requirement at 75
FR 66548 (Dec. 15, 2009). HUD has reviewed the
model legislation developed by the Conference of
State Bank Supervisors and the American
Association of Residential Mortgage Regulators to
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the
Currency
12 CFR Part 34
[Docket ID OCC–2010–0007]
RIN 1557–AD23
FEDERAL RESERVE SYSTEM
12 CFR Parts 208 and 211
[Docket No. R–1357]
FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Part 365
RIN 3064–AD43
DEPARTMENT OF THE TREASURY
Office of Thrift Supervision
12 CFR Part 563
[Docket No. 2010—0021]
RIN 1550–AC33
FARM CREDIT ADMINISTRATION
12 CFR Part 610
RIN 3052–AC52
NATIONAL CREDIT UNION
ADMINISTRATION
12 CFR Parts 741 and 761
RIN 3133–AD59
Registration of Mortgage Loan
Originators
AGENCY: Office of the Comptroller of the
Currency, Treasury (OCC); Board of
Governors of the Federal Reserve
System (Board); Federal Deposit
Insurance Corporation (FDIC); Office of
Thrift Supervision, Treasury (OTS);
Farm Credit Administration (FCA); and
National Credit Union Administration
(NCUA).
ACTION: Final rule.
SUMMARY: The OCC, Board, FDIC, OTS,
FCA, and NCUA (collectively, the
Agencies) are adopting final rules to
implement the Secure and Fair
Enforcement for Mortgage Licensing Act
(the S.A.F.E. Act). The S.A.F.E. Act
requires an employee of a bank, savings
association, credit union or Farm Credit
System (FCS) institution and certain of
their subsidiaries that are regulated by
a Federal banking agency or the FCA
(collectively, Agency-regulated
institutions) who acts as a residential
mortgage loan originator to register with
the Nationwide Mortgage Licensing
System and Registry, obtain a unique
identifier, and maintain this
registration. The final rule further
provides that Agency-regulated
institutions must: require their
employees who act as residential
mortgage loan originators to comply
with the S.A.F.E. Act’s requirements to
register and obtain a unique identifier,
and adopt and follow written policies
and procedures designed to assure
compliance with these requirements.
DATES: This final rule is effective on
October 1, 2010. Compliance with
§ __.103 (registration requirement) of the
final rule is required by the end of the
180-day period for initial registrations
beginning on the date the Agencies
provide in a public notice that the
Registry is accepting initial
registrations.
FOR FURTHER INFORMATION CONTACT:
OCC: Michele Meyer, Assistant
Director, Heidi Thomas, Special
Counsel, or Patrick T. Tierney, Senior
Attorney, Legislative and Regulatory
Activities, (202) 874–5090, and Nan
Goulet, Senior Advisor, Large Bank
Supervision, (202) 874–5224, Office of
the Comptroller of the Currency, 250 E
Street SW., Washington, DC 20219.
Board: Anne Zorc, Counsel, Legal
Division, (202) 452–3876, Virginia
Gibbs, Senior Supervisory Analyst,
(202) 452–2521, and Stanley Rediger,
Supervisory Financial Analyst, (202)
452–2629, Division of Banking
Supervision and Regulation, Board of
Governors of the Federal Reserve
System, 20th and C Streets, NW.,
Washington, DC 20551.
FDIC: Thomas F. Lyons, Examination
Specialist, (202) 898–6850, Victoria
Pawelski, Senior Policy Analyst, (202)
898–3571, or John P. Kotsiras, Financial
Analyst, (202) 898–6620, Division of
Supervision and Consumer Protection;
or Richard Foley, Counsel, (202) 898–
3784, or Kimberly A. Stock, Counsel,
(202) 898–3815, Legal Division, Federal
Deposit Insurance Corporation, 550 17th
Street, NW., Washington, DC 20429.
OTS: Charlotte M. Bahin, Special
Counsel (Special Projects), (202) 906–
6452, Vicki Hawkins-Jones, Special
Counsel, Regulations and Legislation
Division, (202) 906–7034, Debbie
Merkle, Project Manager, Credit Risk,
(202) 906–5688, and Rhonda Daniels,
Senior Compliance Program Analyst,
Consumer Regulations, (202) 906–7158,
Office of Thrift Supervision, 1700 G
Street, NW., Washington, DC 20552.
FCA: Gary K. Van Meter, Deputy
Director, Office of Regulatory Policy,
(703) 883–4414, TTY (703) 883–4434, or
Richard A. Katz, Senior Counsel, or
Jennifer Cohn, Senior Counsel, Office of
General Counsel, (703) 883–4020, TTY
(703) 883–4020, Farm Credit
Administration, 1501 Farm Credit Drive,
McLean, VA 22102–5090.
NCUA: Regina Metz, Staff Attorney,
Office of General Counsel, 703–518–
6561, or Lisa Dolin, Program Officer,
Division of Supervision, Office of
Examination and Insurance, 703–518–
6360, National Credit Union
Administration, 1775 Duke Street,
Alexandria, VA 22314–3428.
SUPPLEMENTARY INFORMATION:
I. Background
A. Statutory Requirements
The S.A.F.E. Act,1 enacted on July 30,
2008, mandates a nationwide licensing
and registration system for mortgage
loan originators. Specifically, the Act
requires all States to provide for a
licensing and registration regime for
mortgage loan originators who are not
employed by Agency-regulated
institutions within one year of
enactment (or two years for States
whose legislatures meet biennially). In
addition, the S.A.F.E. Act requires the
OCC, Board, FDIC, OTS and NCUA,2
through the Federal Financial
Institutions Examination Council
(FFIEC), and the FCA to develop and
maintain a system for registering
mortgage loan originators employed by
Agency-regulated institutions. The
S.A.F.E. Act specifically prohibits an
individual from engaging in the
business of residential mortgage loan
origination without first obtaining and
maintaining annually: (1) A registration
as a registered mortgage loan originator
and a unique identifier if employed by
an Agency-regulated institution (Federal
registration), or (2) a license and
registration as a State-licensed mortgage
loan originator and a unique identifier.3
VerDate Mar<15>2010 19:42 Jul 27, 2010 Jkt 220001 PO 00000 Frm 00002 Fmt 4701 Sfmt 4700 E:\FR\FM\28JYR4.SGM 28JYR4
mstockstill on DSKH9S0YB1PROD with RULES4