[Federal Register Volume 80, Number 38 (Thursday, February 26, 2015)]
[Notices]
[Pages 10566-10568]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-04046]


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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency


Agency Information Collection Activities: Information Collection 
Renewal; Comment Request; Registration of Mortgage Loan Originators

AGENCY: Office of the Comptroller of the Currency (OCC), Treasury.

ACTION: Notice and request for comment.

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SUMMARY: The OCC, as part of its continuing effort to reduce paperwork 
and respondent burden, invites the general public and other Federal 
agencies to take this opportunity to comment on a continuing 
information collection, as required by the Paperwork Reduction Act of 
1995 (PRA).
    Under the PRA, Federal agencies are required to publish notice in 
the Federal Register concerning each proposed collection of 
information, including each proposed extension of an existing 
collection of information, and to allow 60 days for public comment in 
response to the notice.
    In accordance with the requirements of the PRA, the OCC may not 
conduct or sponsor, and the respondent is not required to respond to, 
an information collection unless it displays a currently valid Office 
of Management and Budget (OMB) control number. The OCC is soliciting 
comment concerning the renewal of its information collection

[[Page 10567]]

titled, ``Registration of Mortgage Loan Originators.''

DATES: You should submit written comments by: April 27, 2015.

ADDRESSES: Because paper mail in the Washington, DC area and at the OCC 
is subject to delay, commenters are encouraged to submit comments by 
email, if possible. Comments may be sent to: Legislative and Regulatory 
Activities Division, Office of the Comptroller of the Currency, 
Attention: 1557-0243, 400 7th Street SW., Suite 3E-218, Mail Stop 9W-
11, Washington, DC 20219. In addition, comments may be sent by fax to 
(571) 465-4326 or by electronic mail to [email protected]. 
You may personally inspect and photocopy comments at the OCC, 400 7th 
Street SW., Washington, DC 20219. For security reasons, the OCC 
requires that visitors make an appointment to inspect comments. You may 
do so by calling (202) 649-6700. Upon arrival, visitors will be 
required to present valid government-issued photo identification and to 
submit to security screening in order to inspect and photocopy 
comments.
    All comments received, including attachments and other supporting 
materials, are part of the public record and subject to public 
disclosure. Do not enclose any information in your comment or 
supporting materials that you consider confidential or inappropriate 
for public disclosure.

FOR FURTHER INFORMATION CONTACT: Mary H. Gottlieb, OCC Clearance 
Officer, (202) 649-5490, for persons who are deaf or hard of hearing, 
TTY, (202) 649-5597, Legislative and Regulatory Activities Division, 
Office of the Comptroller of the Currency, 400 7th Street SW., 
Washington, DC 20219.

SUPPLEMENTARY INFORMATION: 
    The OCC is requesting extension of OMB approval for this 
collection. There have been no changes to the requirements of the 
regulations.
    Title: Registration of Mortgage Loan Originators.
    OMB Number: 1557-0243.
    Description: Among other things, the Secure and Fair Enforcement 
for Mortgage Licensing Act (S.A.F.E. Act), codified at 12 U.S.C. 5101-
5116, requires an employee of a bank, savings association, or credit 
union or a subsidiary thereof regulated by a Federal banking agency or 
an employee of an institution regulated by the Farm Credit 
Administration (FCA), (collectively, Agency-regulated Institutions) who 
engages in the business of a residential mortgage loan originator (MLO) 
to register with the Nationwide Mortgage Licensing System and Registry 
(Registry) and obtain a unique identifier. Pursuant to implementing 
regulations set forth at 12 CFR part 1007, Agency-regulated 
Institutions must require their employees who act as residential MLOs 
to comply with the requirements to register and obtain a unique 
identifier under the S.A.F.E. Act and must adopt and follow written 
policies and procedures to assure compliance with these requirements. 
In order to register, an MLO must provide to the Registry identifying 
information, including: (1) Fingerprints for submission to the Federal 
Bureau of Investigation and any other relevant governmental agency for 
a State and national criminal background check; and (2) personal 
history and experience, including authorization for the Registry to 
obtain information related to any administrative, civil, or criminal 
findings by any governmental jurisdiction. The S.A.F.E. Act originally 
required the Federal banking agencies and the FCA to develop and 
maintain the Registry; the Dodd-Frank Act subsequently transferred that 
responsibility to the Consumer Financial Protection Bureau.
    The Registry is intended to aggregate and improve the flow of 
information to and between regulators; provide increased accountability 
and tracking of mortgage loan originators; enhance consumer 
protections; reduce fraud in the residential mortgage loan origination 
process; and provide consumers with easily accessible information at no 
charge regarding the employment history of, and the publicly 
adjudicated disciplinary and enforcement actions against, MLOs.

MLO Reporting Requirements

    Twelve CFR 1007.103(a) generally requires an MLO of an Agency-
regulated Institution to register with the Registry, maintain such 
registration, and obtain a unique identifier. Under Sec.  1007.103(b), 
an Agency-regulated Institution must require each such registration to 
be renewed annually and updated within 30 days of the occurrence of 
specified events. Section 1007.103(d) sets forth the categories of 
information that an employee, or the employing institution on the 
employee's behalf, must submit to the Registry, along with the 
employee's attestation as to the correctness of the information 
supplied and an authorization to obtain further information.

MLO Disclosure Requirement

    Section 1007.105(b) requires an MLO to provide the unique 
identifier to a consumer upon request.

Financial Institution Reporting Requirements

    Section 1007.103(e) specifies the institution and employee 
information that an institution must submit to the Registry in 
connection with the initial registration of one or more MLOs, and 
thereafter update.

Financial Institution Disclosure Requirements

    Section 1007.105(a) requires the institution to make the unique 
identifier of MLOs available to consumers in a manner and method 
practicable to the institution.

Financial Institution Recordkeeping Requirements

     Section 1007.103(d)(1)(xii) requires the collection of MLO 
fingerprints.
     Section 1007.104 requires an institution employing MLOs 
to:
    [cir] Adopt and follow written policies and procedures, at a 
minimum addressing certain specified areas, but otherwise appropriate 
to the nature, size, and complexity of their mortgage lending 
activities;
    [cir] Establish reasonable procedures and tracking systems for 
monitoring registration compliance; and
    [cir] Establish a process for, and maintain records related to, 
employee criminal history background reports and actions taken with 
respect thereto.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals; Businesses or other for-profit.
    Estimated Number of Respondents: 65,027.
    Estimated Total Annual Burden: 44,898 hours.
    Comments submitted in response to this notice will be summarized, 
included in the request for OMB approval, and become a matter of public 
record. Comments are invited on:
    (a) Whether the collection of information is necessary for the 
proper performance of the functions of the OCC, including whether the 
information has practical utility;
    (b) The accuracy of the OCC's estimate of the burden of the 
collection of information;
    (c) Ways to enhance the quality, utility, and clarity of the 
information to be collected;
    (d) Ways to minimize the burden of the collection on respondents, 
including through the use of automated collection techniques or other 
forms of information technology; and
    (e) Estimates of capital or start-up costs and costs of operation, 
maintenance, and purchase of services to provide information.


[[Page 10568]]


    Dated: February 20, 2015.
Stuart E. Feldstein,
Director, Legislative and Regulatory Activities Division.
[FR Doc. 2015-04046 Filed 2-25-15; 8:45 am]
BILLING CODE P