Residential loan originators employed by federal banking agencies can submit registrations to the Nationwide Mortgage Licensing System and Registry starting on Monday.
As required by the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act), 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.
“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; they would not be required to complete the federal registration process,” said the Federal Reserve in a statement.
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.
Further information regarding the registry and the registration process is available here.