Tuesday, June 02, 2009

S.A.F.E Act - Federal Mortgage Origination Registry

The FDIC, Office of Thrift Supervision and National Credit Union Administration along with others has through a unified front proposed a joint system to register residential mortgage loan originators. “The S.A.F.E. Act requires the above agencies and others to jointly develop and maintain a system for registering residential mortgage loan originators across the country that work for national and State banks, savings associations, credit unions, and Farm Credit System institutions, and certain of their subsidiaries,” the FDIC said in a statement.

Loan originators would be required to be registered with the Nationwide Mortgage Licensing System, along with the American Association of Residential Mortgage Regulators.

As part of the registration, originators would be subject to a background check and required to provide fingerprints and would hopefuly be barred from originating loans until registered.

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