Archive

Go to:

October 2017
SMTWTFS
1234567
891011121314
15161718192021
22232425262728
293031
< Sep Nov >
Leaguer Email Subscription

You are not currently subscribed. Click Subscribe below to receive the Leaguer email.

InfoSight Highlight: The SAFE Act – Registration of Mortgage Loan Originators (Reg. G)
Friday, November 18, 2016 6:35 AM

The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) requires residential mortgage loan originators who are employees of agency-regulated institutions to be registered with the Nationwide Mortgage Licensing System and Registry. As part of this registration process, residential mortgage loan originators must furnish to the registry information and fingerprints for background checks.

The SAFE Act generally prohibits employees of agency-regulated institutions from originating residential mortgage loans unless they register with the registry.

The National Credit Union Administration, along with the other federal financial institution regulators and the Farm Credit Administration, issued final rules requiring residential mortgage loan originators who are employees of financial institutions, Farm Credit System institutions, and certain of their subsidiaries (agency-regulated institutions) to meet the registration requirements of the SAFE Act.

Those not regulated by an agency must be licensed and registered under State law (i.e., CUSOs and their employees). Employees who originate residential mortgage loans for the CUSO and the credit union are subject to both the state licensing system and the requirement under these final rules.