Agencies Announce Start of Initial Registration Period Under S.A.F.E. Act’s Mortgage Loan Originator Provisions

February 10, 2011

On Jan. 31 the bank, thrift and credit union regulatory agencies, along with the Farm Credit Administration, announced that the Nationwide Mortgage Licensing System and Registry is now accepting federal registrations. Under the Secure and Fair Enforcement for Mortgage Licensing Act (S.A.F.E. Act) and the agencies' final rules, residential mortgage loan originators employed by banks, savings associations, credit unions, or Farm Credit System institutions must register with the registry, obtain a unique identifier from the registry, and maintain their registrations. Following expiration of the 180-day initial registration period on July 29, 2011, any employee of an agency-regulated institution who is subject to the registration requirements will be prohibited from originating residential mortgage loans without first meeting these requirements. You can get more information about the registry and the registration process at

http://mortgage.nationwidelicensingsystem.org/fedreg/Pages/default.aspx

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