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News Now

Washington
Compliance What to know about mortgage registry
WASHINGTON (9/22/08)—Credit unions may be wondering how a new law imposing licensing and registration requirements for mortgage originators affects them, and when they might need to start participating in the registry, and the compliance experts at the Credit Union National Association (CUNA) are busy getting the word out. In the September Compliance Challenge, CUNA reminds credit unions that the Housing and Economic Recovery Act, signed into law in July, will require employees of state and federally chartered credit unions who originate mortgage loans (such as loan officers) to annually register with the National Mortgage Licensing System and Registry as a "registered loan originator." However, credit union employees do not have to do anything to comply just yet. The law requires the National Credit Union Administration and the federal banking agencies via the Federal Financial Institutions Examination Council (FFIEC) to develop and maintain the registry system in conjunction with the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR). The CSBS launched a nationwide database for mortgage professionals on January 2, 2008, and the project gets a gigantic boost from the new housing law. The FFIEC agencies have one year to put this program into place. The law was enacted on July 30, 2008, so agencies have until late July/early August 2009 to get the registry up and running. Stay tuned, says the Challenge for agency announcements in the next several months.


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