We have commercial lenders who are not licensed under the S.A.F.E. act and do not make consumer mortgage loans. However, with the new rules under reg Z being so general about what a loan originator does, I think it is safer to get them registered (if they ever take an application, for example). They were not required previously to be qualified under any standards so I think even though they were hired before 1/10/14, the rule still applies to them. Is it ok to just register them under the S.A.F.E. act because this option seems easier and does not involve a credit report or do I have to opt for background check, credit report, etc. since the S.A.F.E. act doesn’t apply to them? In other words, if I register them through NMLS does that take care of the new Reg Z requirements?