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National mortgage originators registry plan issued
WASHINGTON (6/2/09)—Almost a year after the provisions were signed into law, the federal financial institution regulatory agencies are seeking comment on a plan to implement a national mortgage originators’ registry. The National Credit Union Administration (NCUA), along with five other federal regulators, issued proposed rules to implement the Secure and Fair Enforcement for Mortgage Licensing (SAFE) Act. The SAFE Act requires an employee of a financial institution or its subsidiary, who acts as a residential loan originator, to register with the Nationwide Mortgage Licensing System and Registry. If adopted, the proposed rules will apply to federally insured credit unions, but not to credit union service organizations (CUSOs), as they are not regulated by NCUA. However, CUSOs and their employees must comply with state licensing and registration requirements that are also mandated under the SAFE Act. The SAFE Act also requires the employee to obtain a unique identifier that is associated with the originator within the Registry system and requires the employee to maintain this registration. The proposal released Monday would implement these SAFE Act provisions and instructs financial institutions to require employees to comply with the SAFE Act provisions. It also would compel the financial institution to adopt and implement written policies and procedures that are intended to ensure compliance with these requirements. Those policies and procedures must be tailored based on the nature, size, complexity, and scope of the institution’s mortgage lending activities, according to the joint proposal. Comments on the proposed rule are due within 30 days of its publication in the Federal Register, which should be within the next few days. However, under the proposal, the initial registrations do not have to be completed until 180 days after the Registry is capable of receiving them, which is not expected until mid-year 2010. Use the resource link below to access the Federal Register document.
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