The proposed rule is intended to implement the requirements of Section 1507 of the SAFE Act pertaining to Agency-regulated institutions, their subsidiaries and employees acting as residential MLOs. The FDIC proposes to add this rule as a new subpart B to the Part 365 Real Estate Lending Standards. The proposed rule:
tracks the SAFE Act's definition of an MLO and provides examples of when a person is or is not acting as an MLO;
requires employees of Agency-regulated institutions and their subsidiaries who act as MLOs to register with the Nationwide Mortgage Licensing System and Registry (NMLSR);
specifies fingerprinting and background check requirements;
provides for de minimis exceptions to registration requirements for low-volume MLOs;
requires information from Agency-regulated institutions and MLOs in order to register with the NMLSR;
establishes minimum requirements for development and implementation of appropriate written policies and procedures; and
explains how an MLO's unique identifier must be disclosed and made public.
FDIC-Supervised Banks (Commercial and Savings)
Chief Executive Officer
Chief Credit Officer
The Secure and Fair Enforcement for Mortgage Licensing Act of 2008
Notice of Proposed Rulemaking, Subpart B 12 CFR Part 365 Real Estate Lending Standards - PDF 655k (PDF Help)
Thomas F. Lyons, Examination Specialist, at (202) 898-6850 or firstname.lastname@example.org, or Victoria Pawelski, Policy Analyst (Compliance), at email@example.com or (202) 898-3571
FDIC financial institution letters (FILs) may be accessed from the FDIC's Web site at www.fdic.gov/news/news/financial/2009/index.html.
To receive FILs electronically, please visit http://www.fdic.gov/about/subscriptions/fil.html.
Paper copies of FDIC financial institution letters may be obtained via the FDIC's Public Information Center, 3501 Fairfax Drive, E-1002,
Arlington, VA 22226 (1-877-275-3342 or 703-562-2200).