About Us | Contact Us
View Cart

S.A.F.E. Act’s Mortgage Loan Originator Provisions

By Vigilize | Tuesday, February 1, 2011 - One Comment

The federal bank, thrift and credit union regulatory agencies, along with the Farm Credit Administration, announced that the Nationwide Mortgage Licensing System and Registry began accepting federal registrations yesterday.

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 was 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.


Notice on Registration of Mortgage Loan Originators (PDF)


One Response to “S.A.F.E. Act’s Mortgage Loan Originator Provisions”

Comment from Bobbette Fagel
Time 02/02/2011 at 5:37 am

I was asked specifically about the fingerprinting process. Here is a link to that information:

http://mortgage.nationwidelicensingsystem.org/profreq/background/Pages/default.aspx

Best regards,

Bobbette

Latest News
    Endpoint Detection and Response and You Webinar-Video In this webinar-Video, we will discuss the advantages, considerations, pricing, and configuration concerns when adding Endpoint Detection and Response to your security posture. If you are using a traditional Anti-Virus/Malware solution, you’ll want to consider adding or replacing it with a comprehensive EDR/XDR/MDR solution for the most bang […]
    R7: 2023’s Top Seven Technology Risks Webinar-Video What are the top seven risks your board should know about in 2023? Since 2006, Dan has been compiling a list of the “top seven risks small institutions are facing,” in preparation for his board presentations. This webinar will present the 2023 list in a manner that you […]
    PRESS RELEASE – FOR IMMEDIATE RELEASE BUSINESS NEWS NEW EMPLOYEE FOR INFOTEX We are excited to announce the addition of William Summers to our team as our new Data Security Analyst. William brings a wealth of knowledge to our organization, and we are confident that he will be an invaluable asset in helping us reach […]
    Yes, the CISO of the Starship Enterprise On AI replacing the business of cybersecurity. Another one of those Dan’s New Leaf Posts, meant to inspire thought about IT Governance . . . . From time to time, my friends from high school, and even some from college, who have a minimal understanding of the cybersecurity […]
    Artificial intelligence carries risk, but so does organic ignorance … Another one of those Dan’s New Leaf Posts, meant to inspire thought about IT Governance . . . . At a recent conference, I noticed two camps emerging in the debate over artificial intelligence. Some people embrace AI as a tool, while others support Elon […]
    PRESS RELEASE – FOR IMMEDIATE RELEASE BUSINESS NEWS NEW EMPLOYEE FOR INFOTEX We are pleased to announce the appointment of Nathan Taylor as our new Network Administrator at infotex.  “We are very excited to have Nathan join our team as a Network Administrator and look forward to his contributions to maintaining and improving our infrastructure!” […]
    about artificial intelligence . . . And who will protect us from it . . .  Another one of those Dan’s New Leaf Posts, meant to inspire thought about IT Governance . . . . Just watched some press on the the Senate hearings over regulating AI. The normal senator faces, Sam Altman of OpenAI, […]
    The Evolution of an Inside Term Used in our Vendor Risk Report Another one of those Dan’s New Leaf Posts, meant to inspire thought about IT Governance . . . . Those who audit infotex know that our vendor risk report refers to a couple of our providers as “ransomware companies.” This reference started evolving […]
    Another awareness poster for YOUR customers (and users). Now that we have our own employees aware, maybe it’s time to start posting content for our customers! Check out posters.infotex.com for the whole collection! Download the large versions here: Awareness Poster (Portrait) Awareness Poster (Landscape) You are welcome to print out and distribute this around your […]
    New tools could allow unskilled attackers to launch increasingly sophisticated attacks… An article review. Imagine a world where you receive a call from your boss asking you to assist them with something… only it’s not your boss, but an AI being used by an attacker.  This isn’t science fiction, it’s an actual attack that has […]