[Federal Register Volume 86, Number 112 (Monday, June 14, 2021)]
[Notices]
[Pages 31581-31583]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-12332]


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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency


Agency Information Collection Activities: Information Collection 
Renewal; Submission for OMB Review; 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). In accordance with the requirements of the PRA, the OCC may 
not conduct or sponsor, and respondents are 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 titled, 
``Registration of Mortgage Loan Originators.'' The OCC also is giving 
notice that it has sent the collection to OMB review.

DATES: You should submit written comments by: July 14, 2021.

ADDRESSES: Commenters are encouraged to submit comments by email, if 
possible. You may submit comments by any of the following methods:
     Email: [email protected].
     Mail: Chief Counsel's Office, Attention: Comment 
Processing, 1557-0243, Office of the Comptroller of the Currency, 400 
7th Street SW, Suite 3E-218, Washington, DC 20219.
     Hand Delivery/Courier: 400 7th Street SW, Suite 3E-218, 
Washington, DC 20219.
     Fax: (571) 465-4326.
    Instructions: You must include ``OCC'' as the agency name and 
``1557-

[[Page 31582]]

0243'' in your comment. In general, the OCC will publish comments on 
www.reginfo.gov without change, including any business or personal 
information provided, such as name and address information, email 
addresses, or phone numbers. Comments received, including attachments 
and other supporting materials, are part of the public record and 
subject to public disclosure. Do not include any information in your 
comment or supporting materials that you consider confidential or 
inappropriate for public disclosure.
    Written comments and recommendations for the proposed information 
collection should be sent within 30 days of publication of this notice 
to www.reginfo.gov/public/do/PRAMain. Find this particular information 
collection by selecting ``Currently under 30-day Review--Open for 
Public Comments'' or by using the search function.
    You may review comments and other related materials that pertain to 
this information collection \1\ following the close of the 30-day 
comment period for this notice by the following method:
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    \1\ On March 17, 2021, the OCC published a 60-day notice for 
this information collection, 86 FR 14678.
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     Viewing Comments Electronically: Go to www.reginfo.gov. 
Click on the ``Information Collection Review'' tab. Underneath the 
``Currently under Review'' section heading, from the drop-down menu 
select ``Department of Treasury'' and then click ``submit.'' This 
information collection can be located by searching by OMB control 
number ``1557-0243'' or ``Registration of Mortgage Loan Originators.'' 
Upon finding the appropriate information collection, click on the 
related ``ICR Reference Number.'' On the next screen, select ``View 
Supporting Statement and Other Documents'' and then click on the link 
to any comment listed at the bottom of the screen.
     For assistance in navigating www.reginfo.gov, please 
contact the Regulatory Information Service Center at (202) 482-7340.

FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, OCC Clearance 
Officer, (202) 649-5490, Chief Counsel's Office, Office of the 
Comptroller of the Currency, 400 7th Street SW, Suite 3E-218, 
Washington, DC 20219.

SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501-3520), Federal 
agencies must obtain approval from the OMB for each collection of 
information that they conduct or sponsor. ``Collection of information'' 
is defined in 44 U.S.C. 3502(3) and 5 CFR 1320.3(c) to include agency 
requests or requirements that members of the public submit reports, 
keep records, or provide information to a third party. The OCC asks 
that OMB extend its approval of this collection.
    Title: Registration of Mortgage Loan Originators.
    OMB Control No.: 1557-0243.
    Description: The Secure and Fair Enforcement for Mortgage Licensing 
Act (the S.A.F.E. Act or Act) \2\ requires an employee of a Federally-
regulated bank, savings association, credit union, or farm credit 
institution and their subsidiaries (collectively, institutions) who 
engages in the business of a residential mortgage loan originator (MLO) 
and does not qualify for the de minimis exception to register with the 
Nationwide Mortgage Licensing System and Registry (Registry) and obtain 
a unique identifier. Further, the S.A.F.E. Act provides that 
institutions must require their employees who act as MLOs to comply 
with the Act's registration requirements and obtain a unique 
identifier. Institutions must also adopt and follow written policies 
and procedures to ensure compliance with these requirements.
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    \2\ 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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    Among other things, 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.
    Along with the Board of Governors of the Federal Reserve System, 
the Federal Deposit Insurance Corporation, the National Credit Union 
Administration, and the Farm Credit Administration, the OCC issued a 
final rule implementing the S.A.F.E. Act.\3\ The Dodd-Frank Wall Street 
Reform and Consumer Protection Act (Dodd-Frank Act), Public Law 111-
203, later provided for the transfer of this rule to the Consumer 
Financial Protection Bureau (CFPB), and the CFPB republished this rule 
as 12 CFR part 1007.\4\ However, the OCC retains enforcement authority 
for national banks, Federal savings associations and Federal branches 
and agencies of foreign banks with total assets of $10 billion or 
less.\5\
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    \3\ 75 FR 44656 (July 28, 2010), as corrected in 75 FR 51623 
(Aug. 23, 2010).
    \4\ 76 FR 78487 (Dec. 19, 2011).
    \5\ See section 1025 of the Dodd-Frank Act, codified at 12 
U.S.C. 5515.
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MLO Reporting Requirements

    Except in situations where the de minimis exception applies, 12 CFR 
1007.103 requires an employee of an institution who acts as an MLO to 
register with the Registry, obtain a unique identifier, and maintain 
and update such registration. This section also requires institutions 
to require their MLO employees to comply with these requirements. 
Section 1007.103(d) sets forth the categories of information that an 
institution must require each MLO employee to submit to the Registry or 
submit on the employee's behalf. This section also requires each MLO 
employee to submit to the Registry an attestation as to the correctness 
of the information submitted and an authorization for the Registry and 
the employing institution to obtain certain additional information 
related to the employee.

MLO Disclosure Requirement

    Twelve CFR 1007.105(a) requires institutions to make the unique 
identifier(s) of its registered MLOs available to consumers in a manner 
and method practicable to the institution. Section 1007(b) requires 
MLOs to provide their unique identifier to a consumer upon request, 
before acting as an MLO, and through the originator's initial written 
communication with a consumer, if any, whether on paper or 
electronically.

Financial Institution Reporting Requirements

    Section 1007.103(e) specifies the institution-related and employee 
information an institution must submit to the Registry in connection 
with the initial registration of one or more MLOs and annually 
thereafter. The institution also must update this information within 30 
days of the date that this information becomes inaccurate. Employees of 
the institution who submit information to the Registry on behalf of the 
institution must verify their identity and attest that they have the 
authority to enter data on behalf of the institution, that the 
information submitted is correct, and that the covered financial 
institution will keep the required information current and will file 
accurate supplementary information on a timely basis.

[[Page 31583]]

Financial Institution Disclosure Requirements

    Section 1007.105(a) requires the institution to make the unique 
identifiers of its MLO employees available to consumers in a manner and 
method practicable to the institution.

Financial Institution Recordkeeping Requirements

    Section 1007.104 requires that an institution that employs one or 
more MLOs to adopt and follow written policies and procedures to, at a 
minimum, address certain specified areas related to MLO registration. 
These policies must be appropriate to the nature, size and complexity 
of the institution's mortgage lending activities.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals; Businesses or other for-profit.
    Estimated Number of Respondents: 85,353.
    Estimated Total Annual Burden: 51,384 hours.
    On March 17, 2021, the OCC published a 60-day notice for this 
information collection, 86 FR 14678. No comments were received. 
Comments continue to be 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.

Theodore J. Dowd,
Deputy Chief Counsel, Office of the Comptroller of the Currency.
[FR Doc. 2021-12332 Filed 6-11-21; 8:45 am]
BILLING CODE 4810-33-P