On July 28th federal agencies, including NCUA, published final rules concerning implementation of federal registration requirements of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act). The SAFE Act requires the financial agencies to jointly develop and maintain a federal registration system for individual employees of agency regulated institutions engaging in residential mortgage loan origination. The statute requires individual mortgage loan originators to be registered with the Nationwide Mortgage Licensing System (NMLS) and Registry (Registry), a database supporting the licensing of mortgage loan originators by states.
According to the final rule, the NMLS system is not expected to be available to accept Federal registrations before January 2011. Individuals and institutions will be directed on how to proceed by their respective agency. Credit unions can check http://mortgage.nationwidelicensingsystem.org/fedreg/Pages/default.for updates and additional information.
According to the final rule, the NMLS system is not expected to be available to accept Federal registrations before January 2011. Individuals and institutions will be directed on how to proceed by their respective agency. Credit unions can check http://mortgage.nationwidelicensingsystem.org/fedreg/Pages/default.for updates and additional information.
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