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Highlights:
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:
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tracks the SAFE Act's definition of an MLO and provides examples of when a
person is or is not acting as an MLO;
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requires employees of Agency-regulated institutions and their subsidiaries who
act as MLOs to register with the Nationwide Mortgage Licensing System and
Registry (NMLSR);
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specifies fingerprinting and background check requirements;
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provides for de minimis exceptions to registration requirements for low-volume
MLOs;
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requires information from Agency-regulated institutions and MLOs in order to
register with the NMLSR;
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establishes minimum requirements for development and implementation of
appropriate written policies and procedures; and
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explains how an MLO's unique identifier must be disclosed and made public.
Distribution:
FDIC-Supervised Banks (Commercial and Savings)
Suggested
Routing:
Chief Executive Officer
Chief Credit Officer
Compliance Officer
Related
Topics:
The Secure and Fair Enforcement for Mortgage Licensing Act of 2008
Attachments:
Notice of Proposed Rulemaking, Subpart
B 12 CFR Part 365 Real Estate Lending Standards - PDF 655k (PDF Help)
Contact:
Thomas F. Lyons, Examination Specialist, at (202) 898-6850 or tlyons@fdic.gov, or Victoria Pawelski, Policy
Analyst (Compliance), at vpawelski@fdic.gov
or (202) 898-3571
Note:
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).
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