Publications
Monitor
Contact
Priority Report
SAS Gazette
InfoSight Newsletter
CUBE TV and Multimedia
League InfoSight
RateMap
CUNA News Now
Classifieds
Corporate Credit Union System Resolution
Industry Data & Analysis
MCUL Reports and Surveys
CU Resource Materials
Michigan Credit Union League Home » Information Services » Publications » News Articles  

NMLS Now Accepting Federal Registrations   (Misc News: January 31, 2011)

The Nationwide Mortgage Licensing System and Registry began accepting federal registrations on Monday.

Under the Secure and Fair Enforcement of Mortgage Licensing Act (SAFE Act), residential mortgage loan originators working for banks, savings associations, credit unions or Farm Credit system institutions must register.

After the 180-day initial registration period ending on July 29, any employee of an agency-regulated institution will be prohibited from originating residential mortgages if they are not registered.
The rules include an exception allowing mortgage loan originators that originated five or fewer mortgage loans during the previous 12 months and have never been registered.

The registry announcement was made by the Board of Governors of the Federal Reserve System, Farm Credit Administration, FDIC, NCUA, Office of the Comptroller of the Currency and Office of Thrift Supervision. Click here for further information regarding the registry and the registration process.

The SAFE Act requires all MLOs to submit fingerprints to the NMLS for submission to the FBI for a criminal background check.

InfoSight – A summary of the SAFE Act is posted on this page.  Included is a link to CUNA’s E-guide.

Compliance Video –The League has a two part free compliance video walking you through the key aspects of the SAFE Act.

Final Regulation – This link will take you to the Federal Registry posting of the final rule.  NCUA will add Part 761 to their Rules and Regulations, which begins on page 50 of the final rule. 

Compliance Deadline for S.A.F.E. Act – NCUA Letter to Credit Unions 10-CU-13

Frequently Asked Questions (FAQs) – Created by the NCUA, this four page document does a nice job of explaining some key points of the Act.

Federal Financial Institutions Examination Council Website – More Q&A’s on the SAFE Act.

NMLS and Registry Resource Center – This link will take you to the website where your credit union will eventually register.  You will click on Federal Registration in the top bar. 

Finding Your Credit Union's RSSD Number – You will need to have your number on hand when you begin your registration process.  This link will allow you to easily find your credit union’s Research Statistic Supervision and Discount Number.

 

 
   
MCUL Home About Us Press Room For Consumers Home Contact Us Site Map