Enforcement for Mortgage Licensing Act

The S.A.F.E. Act established federal registration requirements for an individual who acts as a residential mortgage loan originator (MLO) and is employed by an institution that is regulated by the Board of Governors of the Federal Reserve System, Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, Office of Thrift Supervision, National Credit Union Administration, or the Farm Credit Administration (collectively, agency-regulated institutions). In July 2010, these agencies issued jointly developed final rules that require these MLOs to register with the Nationwide Mortgage and Licensing System and Registry as required by the S.A.F.E. Act. The Board's rule applies to state member banks and certain bank subsidiaries and entities owned or controlled by foreign banks that are regulated by the Board, as well as their employees who act as MLOs.

The Registry will assign registered MLOs a unique identifier which consumers may use to access information about a MLO on the Registry's public website. Because the Registry's systems are in the process of being modified to accept federal registrants, the agencies will publicly announce at another time the date on which the Registry will commence accepting federal MLO registrations. Beginning on this date, the agencies' rules provide a 180-day initial registration period during which an MLO may continue to originate mortgage loans even if not registered. During the initial 180-day registration period, agency-regulated institutions and their MLOs must complete their registrations directly through the Registry, using its web-based system.

The Registry cannot at this time accept registrations of MLOs employed by agency-regulated institutions. MLOs should direct inquiries about registration to their employing institutions who must have procedures instructing MLO employees how to register. The Registry will provide agency-regulated institutions and their MLOs assistance with the registration process, including access to its national call center.

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