The following are the most frequently asked questions (FAQs) regarding the S.A.F.E. Act. This list will be updated by the federal Agencies based upon FAQs they receive from institutions, mortgage loan originators, and individuals.

1. Where can I view the final rule?
2. What are the Federal registration requirements under the S.A.F.E. Act?
3. What are the Federal registration requirements under the Agencies' final rule?
4. When do I have to complete my Federal registration?
5. Where can I get more information about Federal registration?

1. Where can I view the final rule?

The press release from the agencies announcing the final rule can be viewed here: http://www.occ.treas.gov/ftp/release/2010-86.htm. The final rule, published in the Federal Register on July 28, 2010 can be viewed here: http://www.ffiec.gov/pdf/safeact.pdf. The final rule is effective on October 1, 2010.

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2. What are the Federal registration requirements under the S.A.F.E. Act?

The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (the S.A.F.E. Act) requires the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Office of Thrift Supervision, the National Credit Union Administration, and the Farm Credit Administration (collectively, the Agencies) to jointly develop and maintain a Federal registration system for individual employees of Agency-regulated institutions who engage in the business of residential mortgage loan origination. The statute requires these individual mortgage loan originators to be registered with the Nationwide Mortgage Licensing System and Registry (Registry), a database established previously by the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators to support the licensing of mortgage loan originators by the States. To access the Registry click the following link: http://mortgage.nationwidelicensingsystem.org/fedreg/Pages/default.aspx.

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3. What are the Federal registration requirements under the Agencies' final rule?

The Agencies have published a final rule which becomes effective on October 1, 2010 for the Federal registration required by the S.A.F.E. Act. Under the final rule and the Federal Register notice:

• Individual residential mortgage loan originators employed by Agency-regulated institutions must:
  • Register with the Registry and maintain their registration.
  • Obtain a unique identifier through the Registry that will remain with that originator, regardless of employment changes. Mortgage loan originators and their employing institutions must provide their unique identifiers to consumers.
• Agency-regulated institutions¹ must:
  • Require their employees who are mortgage loan originators to comply with these requirements.
  • Adopt and follow written policies and procedures to assure compliance with the registration requirements.

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4. When do I have to complete my Federal registration?

At this time there is no action required in the Registry of any mortgage loan originator who is an employee of an Agency-regulated institution and whose origination activities are solely within the scope of that employment.

The final rule provides for a 180-day period within which to complete initial registrations, beginning on the date that the Agencies provide in a public notice that the Registry is accepting registrations from Agency-regulated institution employees. The Agencies and CSBS are working together to ensure the Registry becomes operational as soon as possible. Due to various complex system modifications and enhancements required to make the existing system capable of accepting federal registrations, the registry will not be available for federal registrations until early 2011.

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5. Where can I get more information about Federal registration?

Office of the Comptroller of the Currency (OCC)
Michele Meyer, Assistant Director or Heidi Thomas, Special Counsel, Legislative and Regulatory Activities, (202) 874-5090; or Nan Goulet, Senior Advisor, Large Bank Supervision, (202) 874-5224, Office of the Comptroller of the Currency, 250 E Street, SW, Washington, DC 20219.

Board of Governors of the Federal Reserve System (BOARD)
Anne Zorc, Counsel, Legal Division, (202) 452-3876; and Stanley Rediger, Supervisory Financial Analyst, (202) 452-2629, Division of Banking Supervision and Regulation, Board of Governors of the Federal Reserve System, 20th and C Streets, NW, Washington , DC 20551.

Federal Deposit Insurance Corporation (FDIC)
Thomas F. Lyons, Examination Specialist, (202) 898-6850; Victoria Pawelski, Senior Policy Analyst, (202) 898-3571; or John P. Kotsiras, Financial Analyst, (202) 898-6620, Division of Supervision and Consumer Protection; or Richard Foley, Counsel, (202) 898-3784 or Kimberly A. Stock, Counsel, (202) 898-3815, Legal Division, Federal Deposit Insurance Corporation, 550 17th Street, NW, Washington, DC 20429.

Office of Thrift Supervision (OTS)
Charlotte M. Bahin, Special Counsel (Special Projects), (202) 906-6452; Vicki Hawkins-Jones, Special Counsel, Regulations and Legislation Division, (202) 906-7034; Debbie Merkle, Project Manager, Credit Risk, (202) 906-5688; or Rhonda Daniels, Senior Compliance Program Analyst, Consumer Regulations, (202) 906-7158, Office of Thrift Supervision, 1700 G Street, NW, Washington, DC 20552.

Farm Credit Administration (FCA)
Gary K. Van Meter, Deputy Director, Office of Regulatory Policy, (703) 883-4414, TTY (703) 883-4434; Richard A. Katz, Senior Counsel, Office of General Counsel, (703) 883-4020, TTY (703) 883-4020; or Jennifer Cohn, Senior Counsel, Office of General Counsel, (703) 883-4020, TTY (703) 883-4020, Farm Credit Administration, 1501 Farm Credit Drive, McLean, VA 22102-5090.

National Credit Union Association (NCUA)
Regina Metz, Staff Attorney, Office of General Counsel, (703) 518-6561 or Lisa Dolin, Program Officer, Division of Supervision, Examination & Insurance, (703) 518-6360, National Credit Union Administration, 1775 Duke Street, Alexandria, VA 22314-3428.

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