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Secure and Fair Enforcement for Mortgage Licensing Act of 2008
The final rule implementing the federal registration provisions of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (the SAFE Act) takes effect on October 1, 2010. Institutions will be expected to implement appropriate policies, procedures and management systems to ensure compliance.
The final rule will be codified as a new subpart B to Part 365 of the FDIC’s Rules and Regulations (12 C.F.R. Part 365), available at: http://www.fdic.gov/news/news/press/2010/pr10170a.pdf.
Final Rule Supplementary Information Footnote Correction by the Federal Register (August 23, 2010): http://edocket.access.gpo.gov/2010/pdf/C1-2010-18148.pdf.
Applicable mortgage loan originators (MLOs) must register with the Nationwide Mortgage Licensing System & Registry (NMLS) within 180 days of the date the NMLS can begin accepting registrations, which could be as soon as January 28, 2011. The FDIC will provide advance notice of the exact date.
At this time there is no action required in the NMLS of any mortgage loan originator who is an employee of a federally insured depository institution or a subsidiary that is owned and controlled by such an institution and regulated by a Federal banking agency.
At this time registration is not yet possible in the NMLS for any mortgage loan originator who is an employee of a federally insured depository institution or a subsidiary that is owned and controlled by such an institution and regulated by a Federal banking agency. Watch for announcements from FDIC and NMLS and frequently monitor the NMLS website, Federal Registration section, for specific and useful technical information on how to accomplish registration. http://mortgage.nationwidelicensingsystem.org/fedreg/Pages/default.aspx
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