[Federal Register Volume 76, Number 23 (Thursday, February 3, 2011)]
[Notices]
[Pages 6185-6186]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-2378]
[[Page 6185]]
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DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
[Docket ID OCC-2011-0005]
FEDERAL RESERVE SYSTEM
[Docket No. R-1357]
FEDERAL DEPOSIT INSURANCE CORPORATION
DEPARTMENT OF THE TREASURY
Office of Thrift Supervision
[Docket ID OTS-2011-0001]
FARM CREDIT ADMINISTRATION
NATIONAL CREDIT UNION ADMINISTRATION
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.
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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.
FOR FURTHER INFORMATION CONTACT:
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
20551.
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.
SUPPLEMENTARY INFORMATION:
Background
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).
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\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.
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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.
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\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
--.103.''
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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
registration
[[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.
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\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.
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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,
Secretary,
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