The federal credit union, bank, and thrift regulatory agencies, along with the Farm Credit Administration, announce that the Nationwide Mortgage Licensing System and Registry will begin accepting federal registrations today.
Under the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) and the agencies’ final rules, residential mortgage loan originators employed by credit unions, banks, savings associations, or Farm Credit System institutions must register with the registry, obtain a unique identifier from the registry, and maintain their registrations.
Following the 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 mortgages without first meeting these requirements.
The rules include an exception for mortgage originators that originated five or fewer mortgage loans during the previous 12 months and who have never been registered. They would not be required to complete the federal registration process.
Get more information about the registry and the registration process here.