Federal Agencies Announce Initial Registration Period for S.A.F.E. Act
Jan. 31, 2011 The federal agencies and Farm Credit Administration announced January 31, 2011 that the Nationwide Mortgage Licensing System and Registry will begin accepting registrations.
Under the Secure and Fair Enforcement for Mortgage Licensing Act (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.
Further information regarding the registry and the registration process is available at the registry's website: http://mortgage.nationwidelicensingsystem.org/fedreg/Pages/default.aspx.
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