The Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) mandates the registration of mortgage loan originators (MLOs). Section .103(b)(1)(i) of the SAFE Act regulations requires MLOs to renew their registration each year during the annual renewal period. The annual renewal period extends from November 1st to December 31st. The annual registration requirement does not apply to a registered MLO who completed his or her initial registration with the Registry less than 6 months […]
Category: MLO Registration
SAFE ACT REMINDER
Every financial institution must assure that each Mortgage Loan Originator (MLO) is registered with the National Mortgage Licensing System (https://mortgage.nationwidelicensingsystem.org/fedreg/Pages/default.aspx) by July 29, 2011. For assistance in determining who is a MLO click for the free flowchart on Jackscomplianceresource.com.
MORTGAGE CALL REPORTS
Recently we have received several inquiries from financial institutions regarding the new Mortgage Call Reports (MCRs) required by the Nationwide Mortgage Licensing System (NMLS). A MCR is required of a company that holds a state license or registration through the NMLS. Remember the SAFE Act requires all mortgage loan originators, both financial institutions and other mortgage lenders, to register with the NMLS. Financial institution MLOs merely have to register. Non-banks MLOs have to both get […]
SAFE ACT UPDATE
What’s the latest news on the SAFE Act? Expect to see a joint announcement before the end of the week that the National Registry will begin accepting MLO registrations on January 31, 2011. So what does this mean for you? You should already have your SAFE Act policy and procedures in place. They were required by October 1, 2010. If you haven’t yet identified which of your employees are MLOs you should do so between […]
Final SAFE Act Regulations Published
The first of two final steps for implementation of the Secure and Fair Enforcement for Mortgage Licensing Act (the SAFE Act) has been completed. The final regulations are now in place; but we are still waiting for the Registry to open. FINAL REGULATIONS On July 28, 2010 the Comptroller of the Currency, Federal Reserve Board, Federal Deposit Insurance Corporation, Office of Thrift Supervision, Farm Credit Administration, and National Credit Union Administration (jointly referred to as […]