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SAFE Act registration to begin in late Jan. NCUA says
ALEXANDRIA, Va. (12/28/10)--The initial period for federal registration of residential mortgage loan originators under the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) will begin on or around Jan. 31, the National Credit Union Administration (NCUA) announced late last week. This initial registration period will likely end in late July, the agency added. The NCUA, the Federal Deposit Insurance Corporation, the Federal Reserve, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the Farm Credit Administration will individually confirm the start date just prior to the beginning of the registration period. A notice will also be published in the Federal Register, the NCUA added. Under the SAFE Act, employees of financial institutions, or their subsidiaries that act as residential loan originators, are required to register with the Nationwide Mortgage Licensing System and Registry. The SAFE Act requires mortgage originators to obtain a unique identifier, and to maintain their registration. Financial institutions that are subject to the SAFE Act requirements must require employees acting as residential mortgage loan originators to comply with the act's requirements to register and obtain a unique identifier, and must adopt and follow written policies and procedures designed to assure compliance with these requirements. For the full NCUA release, use the resource link.
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