Secure and Fair Enforcement for Mortgage Licensing Act of 2008 Notice of Joint Final Rule: Registration of Residential Mortgage Loan Originators
FIL-43-2010 July 30, 2010
The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of Thrift Supervision, the Farm Credit Administration, and the National Credit Union Administration published in the Federal Register the attached joint final rule implementing the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) on July 28, 2010. The rule takes effect on October 1, 2010, and institutions will be expected to implement appropriate policies, procedures and management systems to ensure compliance. Applicable mortgage loan originators (MLOs) must register with the Nationwide Mortgage Licensing System and Registry (NMLSR) within 180 days of the date the NMLSR can begin accepting registrations, which could be as soon as January 28, 2011. The FDIC will provide advance notice of the exact date.
The SAFE Act is intended to improve the accountability and tracking of residential MLOs, enhance consumer protection, reduce fraud and provide consumers with easily accessible information regarding an MLO's professional background.
The final rule implements the requirements of Section 1507 of the SAFE Act applicable to insured state nonmember banks (including state-licensed insured branches of foreign banks), their subsidiaries, and employees of such banks or subsidiaries who act as MLOs.