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
FCA Christine Quinn (703) 883-4056
FDIC Greg Hernandez (202) 898-6984
FRB Susan Stawick (202) 452-2955
NCUA Cherie Umbel (703) 518-6337
OCC Dean DeBuck (202) 874-5770
OTS William Ruberry (202) 906-6677
NCUA is the independent federal agency created by
the U.S. Congress to regulate, charter and supervise
federal credit unions. With the backing of the full
faith and credit of the United States, NCUA operates
and manages the National Credit Union Share
Insurance Fund, insuring the deposits of nearly 100
million account holders in all federal credit
unions and the overwhelming majority of
state-chartered credit unions. At
Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues.