[Federal Register Volume 76, Number 23 (Thursday, February 3, 2011)]
[Pages 6185-6186]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-2378]

[[Page 6185]]



Office of the Comptroller of the Currency

[Docket ID OCC-2011-0005]


[Docket No. R-1357]



Office of Thrift Supervision

[Docket ID OTS-2011-0001]



Registration of Mortgage Loan Originators

AGENCY: Office of the Comptroller of the Currency, Treasury (OCC); 
Board of Governors of the Federal Reserve System (Board); Federal 
Deposit Insurance Corporation (FDIC); Office of Thrift Supervision, 
Treasury (OTS); Farm Credit Administration (FCA); and National Credit 
Union Administration (NCUA).

ACTION: Notice.


SUMMARY: The OCC, Board, FDIC, OTS, FCA, and NCUA (collectively, the 
Agencies) are issuing a notice announcing that the initial registration 
period for Federal registrations required by the Secure and Fair 
Enforcement for Mortgage Licensing Act (the S.A.F.E. Act) and the 
Agencies' implementing rules issued July 28, 2010, will run from 
January 31, 2011, through July 29, 2011. The S.A.F.E. Act and the 
Agencies' final rules require employees of banks, savings associations, 
credit unions, or Farm Credit System (FCS) institutions as well as 
certain of their subsidiaries that are regulated by a Federal banking 
agency or the FCA (collectively, Agency-regulated institutions) who act 
as a residential mortgage loan originator to register with the 
Nationwide Mortgage Licensing System and Registry (Registry), obtain a 
unique identifier from the Registry, and maintain this registration.

DATES: The initial registration period began on January 31, 2011, and 
will end on July 29, 2011.

    OCC: Michele Meyer, Assistant Director, Heidi Thomas, Special 
Counsel, or Patrick T. Tierney, Counsel, Legislative and Regulatory 
Activities, (202) 874-5090, and Nan Goulet, Senior Advisor, Large Bank 
Supervision, (202) 874-5224, Office of the Comptroller of the Currency, 
250 E Street, SW., Washington, DC 20219.
    Board: Anne Zorc, Counsel, Legal Division, (202) 452-3876; or 
Stanley Rediger, Supervisory Financial Analyst, (202) 452-2629; or 
Frank P. Mongiello, Technology Delivery and Support Manager, (202) 452-
6448, Division of Banking Supervision & Regulation, Board of Governors 
of the Federal Reserve System, 20th and C Streets, NW., Washington, DC 
    FDIC: Thomas F. Lyons, Examination Specialist, (202) 898-6850, 
Victoria Pawelski, Acting Section Chief, Compliance Policy, (202) 898-
3571, Sharmae Gambrel, Review Examiner (Compliance), (413) 731-6457, 
x4541, or John P. Kotsiras, Financial Analyst, (202) 898-6620, Division 
of Supervision and Consumer Protection; or Richard Foley, Counsel, 
(202) 898-3784, Legal Division, Federal Deposit Insurance Corporation, 
550 17th Street, NW., Washington, DC 20429.
    OTS: Charlotte M. Bahin, Special Counsel (Special Projects), (202) 
906-6452, Vicki Hawkins-Jones, Acting Deputy Chief Counsel, Regulations 
and Legislation Division, (202) 906-7034, Richard Bennett, Senior 
Compliance Counsel, (202) 906-7409, and Rhonda Daniels, Director, 
Consumer Regulations, (202) 906-7158, Office of Thrift Supervision, 
1700 G Street, NW., Washington, DC 20552.
    FCA: Gary K. Van Meter, Acting Director, Office of Regulatory 
Policy, (703) 883-4414, TTY (703) 883-4434, or Richard A. Katz, Senior 
Counsel, or Jennifer Cohn, Senior Counsel, Office of General Counsel, 
(703) 883-4020, TTY (703) 883-4020, Farm Credit Administration, 1501 
Farm Credit Drive, McLean, VA 22102-5090.
    NCUA: Regina Metz, Staff Attorney, Office of General Counsel, 703-
518-6561, or Lisa Dolin, Program Officer, Division of Supervision, 
Office of Examination and Insurance, 703-518-6360, National Credit 
Union Administration, 1775 Duke Street, Alexandria, VA 22314-3428.



    The S.A.F.E. Act,\1\ enacted on July 30, 2008, mandates a 
nationwide licensing and registration system for mortgage loan 
originators. Specifically, the Act requires: (1) All States to provide 
for a licensing and registration regime for State-regulated mortgage 
loan originators; and (2) the Agencies to develop and maintain a system 
for registering mortgage loan originators employed by Agency-regulated 
institutions (Federal registration). The S.A.F.E. Act specifically 
prohibits an individual from engaging in the business of residential 
mortgage loan origination without first obtaining and maintaining 
annually a State license or a Federal registration and a unique 
identifier. The S.A.F.E. Act requires that State licensing and Federal 
registration must be accomplished through the Nationwide Mortgage 
Licensing System and Registry (Registry).

    \1\ The S.A.F.E. Act was enacted as part of the Housing and 
Economic Recovery Act of 2008, Public Law 110-289, Division A, Title 
V, sections 1501-1517, 122 Stat. 2654, 2810-2824 (July 30, 2008), 
codified at 12 U.S.C. 5101-5116.

    The Agencies published a final rule on July 28, 2010, to implement 
the S.A.F.E. Act.\2\ Specifically, the final rule requires mortgage 
loan originators employed by Agency-regulated institutions to register 
with the Registry and maintain their registration. Pursuant to the 
S.A.F.E. Act, a mortgage loan originator also is required to obtain a 
unique identifier through the Registry that will remain with that 
originator, regardless of changes in employment. Furthermore, the final 
rule requires mortgage loan originators (and their employing Agency-
regulated institutions) to provide these unique identifiers to 
consumers in certain circumstances. The rule provides an exception to 
these requirements for originators who originate a de minimis number of 
residential mortgage loans.

    \2\ 75 FR 44656. The Agencies' rules are codified at 12 CFR part 
34 (OCC), 12 CFR parts 208 and 211 (Board), 12 CFR part 365 (FDIC), 
12 CFR part 563 (OTS), 12 CFR part 610 (FCA), and 12 CFR parts 741 
and 761 (NCUA). Because the Agencies' rules use consistent section 
numbering, relevant sections are cited, for example, as ``section 

    In addition, the final rule provides that an Agency-regulated 
institution must require its employees who are mortgage loan 
originators to comply with these requirements and specifically 
prohibits the institution from permitting its employees to act as 
mortgage loan originators unless registered with the Registry pursuant 
to the final rule and the S.A.F.E. Act. The rule requires Agency-
regulated institutions to adopt and follow written policies and 
procedures to assure compliance with the registration requirements.
    The final rule was effective on October 1, 2010. However, because 
the necessary modifications to the Registry were not to be completed by 
that date, the final rule provided that Agency-regulated institutions 
and their employees were not required to comply with the final rule's 

[[Page 6186]]

requirements until notified to do so by the Agencies.
    Specifically, Sec.  --.103(a)(3) of the final rule provides that 
the 180-day implementation period for initial registrations will begin 
on the date the Agencies provide in a public notice that the Registry 
is accepting initial registrations. The Agencies jointly announced on 
January 31st, 2011 that the initial registration period will run from 
January 31, 2011 through July 29, 2011.\3\ After this 180-day period 
expires, any existing employee or newly hired employee of an Agency-
regulated institution who is subject to the registration requirements 
will be prohibited from originating residential mortgage loans without 
first meeting such requirements.

    \3\ See joint press release issued on January 31, 2011 at http://www.occ.gov/news-issuances/news-releases/2011/index-2011-news-releases.html; http://www.federalreserve.gov/newsevents/default.htm; 
http://www.fdic.gov/news/news/press/2011/index.html; http://www.ots.treas.gov/?p=NewsEvents; http://www.fca.gov/newsr.nsf/2011?OpenView; http://www.ncua.gov/NewsPublications/News/PressRelease.aspx; and http://www.fca.gov/newsr.nsf/2011?OpenView.

    Section 1504 of the S.A.F.E. Act (12 U.S.C. 5103) requires that 
mortgage loan originators maintain their registration annually. To 
implement this requirement, section --.103(b)(1)(i) of the final rule 
requires that a registered mortgage loan originator must renew his or 
her registration with the Registry during the annual renewal period, 
November 1 through December 31 of each year. However, Sec.  
--.103(b)(3) of the final rule provides that a mortgage loan originator 
is not required to renew his or her registration during this annual 
renewal period if registration was completed less than six months prior 
to the end of the renewal period.
    Further information regarding the Registry and the registration 
process is available at the Registry's Web site: http://mortgage.nationwidelicensingsystem.org/fedreg/Pages/default.aspx.

    Dated: January 24, 2011.
John Walsh,
Acting Comptroller of the Currency.

    By Order of the Board of Governors of the Federal Reserve 
System, January 28, 2011.
Jennifer J. Johnson,
Secretary of the Board.

    Dated at Washington, DC on January 26, 2011.

    By order of the Board of Directors.

    Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.

    Dated: January 19, 2011.

    By the Office of Thrift Supervision.
John E. Bowman,
Acting Director.

    Dated: January 13, 2011.
Dale Aultman,
Farm Credit Administration Board.

    Dated: January 28, 2011.
Mary F. Rupp,
Secretary to the Board, National Credit Union Administration.
[FR Doc. 2011-2378 Filed 2-2-11; 8:45 am]
BILLING CODE 4810-33-P; 6210-01-P; 6714-01-P; 6720-01-P; 7535-01-P