Loan Officers

Residential mortgage loan officers at banks, credit unions, and other federally regulated financial institutions are now required to register their names and fingerprints with a national database.


Residential mortgage loan officers at banks, credit unions, and other federally regulated financial institutions are now required to register their names and fingerprints with a national database.

Six federal agencies – including the Office of the Comptroller of the Currency (OCC), Federal Reserve, FDIC, Office of Thrift Supervision (OTS), Farm Credit Administration (FCA), and National Credit Union Administration (NCUA) – approved new rules Wednesday that say all mortgage originators who are employees of both state and federally regulated lenders must meet the requirements of the Secure and Fair Enforcement for Mortgage Licensing Act (S.A.F.E. Act).

The S.A.F.E. Act was passed two years ago and creates a central database of mortgage originators’ and mortgage brokers’ names and fingerprints in order for regulators to perform background checks and keep tabs on where individuals are operating.

http://www.dsnews.com/articles/index/regulators-issue-safe-act-rules-for-bank-loan-officers-2010-07-29