Compliance Q&A: OFAC, FCRA, and the SAFE Act

When must mortgage loan originators be fingerprinted?

August 24, 2011
KEYWORDS credit , regulation
/ PRINT / ShareShare / Text Size +

Q Does the SAFE Act require mortgage loan originators (MLOs) to be fingerprinted every three years?

A The regulation requires MLOs to submit fingerprints to the Nationwide Mortgage Licensing System & Registry (NMLS) for a criminal background check. But MLOs don’t have to be fingerprinted every three years.

Fingerprints are only required at initial registration, and when MLOs change their place of employment and current fingerprints on file are more than three years old.

Refer to NCUA’s regulations (Sec. 761.103(a)(4)(i)(B): Employees previously registered or licensed through the registry).

The re-registration requirements apply when employees transfer from one financial institution to another and both institutions are covered under the SAFE Act regulations.

And they also apply when individuals are state-licensed under the SAFE Act prior to transferring to financial institutions covered by these rules.

Next: OFAC hit list

Post a comment to this story


What's Popular

Popular Stories

Recent Discussion

Great article! Unfortunately, most employees don’t feel valued or appreciated by their supervisors or employers. In fact, research has shown that the predominant reason team members quit their jobs is because they don’t feel valued. This is in spite of the fact that employee recognition programs have proliferated in the workplace – over 90% of all organizations in the U.S. has some form of employee recognition activities in place. But most employee recognition programs are viewed with skepticism and cynicism – because they aren’t viewed as being genuine in their communication of appreciation. Getting the “employee of the month” award, receiving a certificate of recognition, or a “Way to go, team!” email just don’t get the job done. How do you communicate authentic appreciation? We have found people have different ways that they want to be shown appreciation, and if you don’t communicate in the language of appreciation important to them, you essentially “miss the mark”. Additionally, employees need to receive recognition more than once a year at their performance review. Otherwise, they view the praise as “going through the motions”. A third component of authentic appreciation is that the communication has to be about them personally – not the department, not their group, but something they did. Finally, they have to believe that you mean what you say. How you treat them has to match the words you use. If you are not sure how your team members want to be shown appreciation, the Motivating By Appreciation Inventory ( will identify the language of appreciation and specific actions preferred by each employee. You then can create a group profile for your team, so everyone knows how to encourage one another. Remember, employees want to know that they are valued for what they contribute to the success of the organization. And communicating authentic appreciation in the ways they desire it can make the difference between keeping your quality team members or having a negative work environment that everyone wants to leave. Paul White, Ph.D., is the co-author of The 5 Languages of Appreciation in the Workplace with Dr. Gary Chapman.

Your Say: Who should be Credit Union Magazine's 2014 CU Hero of the Year?

View Results Poll Archive