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:
http://mortgage.nationwidelicensingsystem.org/fedreg/Pages/default.aspx
The Federal Register notice is available at:
http://www.occ.gov/news-issuances/news-releases/2011/nr-ia-2011-9a.pdf
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
http://www.kw-llp.com
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