Tuesday, February 1, 2011

FYI: Feds Announce NMLS Registrations Beginning for Subject Depository Institution Employees

The federal depository institution regulators and Farm Credit
Administration announced that the Nationwide Mortgage Licensing System and
Registry will begin accepting federal registrations.

The announcement was made by the Board of Governors of the Federal Reserve
System, Farm Credit Administration, Federal Deposit Insurance Corporation,
National Credit Union Administration, Office of the Comptroller of the
Currency, and Office of Thrift Supervision.

As you may recall, under the S.A.F.E. Act and the agencies' final rules,
residential mortgage loan originators employed by banks, savings
associations, credit unions, or Farm Credit System institutions must
register with the registry, obtain a unique identifier from the registry,
and maintain their registrations.

Following expiration of the 180-day initial registration period on July
29, 2011, any employee of an agency-regulated institution who is subject
to the registration requirements will be prohibited from originating
residential mortgage loans without first meeting these requirements. The
rules include an exception for mortgage loan originators that originated
five or fewer mortgage loans during the previous 12 months and who have
never been registered.

Further information regarding the registry and the registration process is
available at the registry's website:

The Federal Register notice is available at:

Ralph T. Wutscher
Kahrl Wutscher LLP
The Loop Center Building
105 W. Madison Street, Suite 2100
Chicago, Illinois 60602
Direct: (312) 551-9320
Fax: (866) 581-9302
Mobile: (312) 493-0874
Email: RWutscher@kw-llp.com

NOTICE: We do not send unsolicited emails. If you received this email in
error, or if you wish to be removed from our update distribution list,
please simply reply to this email and state your intention. Thank you.

Our updates are available on the internet, in searchable format, at:

The information transmitted (including attachments) is covered by the Electronic Communications Privacy Act, 18 U.S.C. 2510-2521, is intended only for the person(s) or entity/entities to which it is addressed and may contain confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient(s) is prohibited. If you received this in error, please contact the sender and delete the material from any computer.

Notice Under U.S. Treasury Department Circular 230: To the extent that this e-mail communication and the attachment(s) hereto, if any, may contain written advise concerning or relating to a Federal (U.S.) tax issue, United States Treasury Department Regulations (Circular 230) require that we (and we do hereby) advise and disclose to you that, unless we expressly state otherwise in writing, such tax advise is not written or intended to be used, and cannot be used by you (the addressee) or other person(s), for purposes of (1) avoiding penalties imposed under the United States Internal Revenue Code or (2) promoting, marketing or recommending to any other person(s) the (or any of the) transaction(s) or matter(s) addressed, discussed or referenced herein. Each taxpayer should seek advice from an independent tax advisor with respect to any Federal tax issue(s), transaction(s) or matter(s) addressed, discussed or referenced herein based upon his, her or its particular circumstances.