Feds Announce NMLS Registrations Beginning for Subject Depository Institution Employees

The federal depository institution regulators and Farm Credit Administration announced that the Nationwide Mortgage Licensing System and Registry will begin accepting federal registrations.


The announcement was made by the Board of Governors of the Federal Reserve System, Farm Credit Administration, Federal Deposit Insurance Corporation, National Credit Union Administration, Office of the Comptroller of the Currency, and Office of Thrift Supervision.

As you may recall, under the S.A.F.E. Act and the agencies' final rules, 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.

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. 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.

Further information regarding the registry and the registration process is available at the registry's website:

http://mortgage.nationwidelicensingsystem.org/fedreg/Pages/default.aspx

The Federal Register notice is available at:

http://www.occ.gov/news-issuances/news-releases/2011/nr-ia-2011-9a.pdf