On November 29th the Consumer Financial Protection Bureau (CFPB) published a notice and request for information about streamlining the inherited regulations. The “inherited regulations” include 14 existing consumer regulations that the CFPB inherited from other regulatory agencies on July 21, 2011, including, among others, Regulation Z (Truth in Lending) and Regulation X (RESPA). The inherited regulations are published in Chapter X of Title 12 of the Code of Federal Regulations. Following is the schedule of […]
Tag: SAFE Act
CFPB – THE INHERITED REGULATIONS
On November 29th the Consumer Financial Protection Bureau (CFPB) published a notice and request for information about streamlining the inherited regulations. The “inherited regulations” include 14 existing consumer regulations, including, among others, Regulation Z (Truth in Lending) and Regulation X (RESPA), that the CFPB inherited from other regulatory agencies on July 21, 2011. The inherited regulations are published in Chapter X of Title 12 of the Code of Federal Regulations. On December 16, 2011 the […]
SAFE ACT ANNUAL RENEWAL
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 […]
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 […]