FCA and the S.A.F.E. Act
- About the S.A.F.E. Act
- About the Registry
- CSBS Seeks Comment on Proposed Federal Registry Fees
- Any Questions?
- Related Links
FCA and five other financial regulatory agencies issued final rules on July 28, 2010, to implement the registration requirements of the Secure and Fair Enforcement for Mortgage Licensing Act (S.A.F.E. Act) of 2008. FCA’s final rule contains requirements that apply to both System employees and institutions.
The National Mortgage Licensing System and Registry (Registry) begins accepting registrations on January 31, 2011. All mortgage loan originators are to have registered by July 29, 2011.
- Register with the Registry by providing certain personal information, including employment history; information about administrative, civil, or criminal proceedings; and fingerprints. When registering, employees of PCA and FLCA subsidiaries are to use the RSSD number of the ACAs with which their institutions are affiliated.
- Renew the registration annually.
- Routinely update pertinent information.
- Obtain a unique identifier.
Residential mortgage loan originators at System institutions are exempt from the registration requirement if they meet the de minimis exception in the final rule.
For FCS Institutions
System institutions are required to perform the following:
- Obtain a Research Statistics Supervision Discount (RSSD) number. The Board of Governors of the Federal Reserve System is in the process of assigning RSSD numbers to every FCS institution, including all FCS banks, associations, and service corporations. You can access your RSSD numbers at www.ffiec.gov/nicpubweb/nicweb/NicHome.aspx.
Federally regulated financial institutions that originate residential mortgages must use RSSD numbers when they register with the Registry. The RSSD number of the parent ACA must be used during the registration process.
At this time, some of the information in the NIC database is incorrect or inaccurate. FCA is working with the Board of Governors of the Federal Reserve System to correct these discrepancies.
- Adopt and follow written policies and procedures that require their residential mortgage loan originators to comply with the requirements listed above. Employees at System institutions who are not residential mortgage loan originators may input certain information or batch process registrations in accordance with FCA’s regulations.
- Training and Other Information Regarding Registration of Residential Mortgage Loan Originators (PDF, 44 KB, 1 page)
- NMLS Resource Center: Workshops & Events
- NMLS User Conference & Training, February 7–10, 2011
About the S.A.F.E. Act
The S.A.F.E. Act, which is Title V of the Housing and Economic Recovery Act of 2008, is intended to accomplish the following:
- Increase uniformity in licensing and reporting requirements for State-licensed loan originators
- Establish a comprehensive licensing and supervisory database for residential mortgage loan originators
- Aggregate and improve the flow of information to and between regulators
- Reduce regulatory burden
- Protect consumers and prevent fraud
- Provide consumers, at no charge, information regarding residential mortgage loan originators
- Facilitate the collection and disbursement of consumer complaints on behalf of State and Federal regulators
The final rules implementing the S.A.F.E. Act’s registration requirements were issued by FCA and five other Federal regulators:
- Office of the Comptroller of the Currency
- Board of Governors of the Federal Reserve System
- Federal Deposit Insurance Corporation
- Office of Thrift Supervision
- National Credit Union Administration
About the Registry
The Nationwide Mortgage Licensing System and Registry was developed 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. FCA and the other Federal regulators are now working with the CSBS to adapt the Registry so it can accept registrations from the institutions they regulate.
The S.A.F.E. Act requires most residential mortgage loan originators to register with the Registry and to obtain a unique identifier. Consumers will have access to certain information in the Registry.
For more information about the Registry, go to the Nationwide Mortgage Licensing System (NMLS) Resource Center.
Because FCA retrieves personally identifiable information by name from the Registry, the Agency has conducted a Privacy Impact Assessment (PDF, 358 KB, 24 pages) for Registry data provided by Farm Credit System employees. FCA’s decision to conduct the assessment reflects the Agency’s commitment to protecting the privacy of individuals in the fulfillment of its mission. The assessment contains the following:
- Overview of the collection, protection, and control of data provided by System employees
- Contact information for individuals at FCA who can address questions related to the privacy of Registry data
- Description of the IT application and the method used to collect, process, and store the information
- Description of the type of data collected and answers to related questions
- Description of who has access to the data and why
- Information on the accuracy, timeliness, and reliability of the data in the Registry
- Information on data attributes, maintenance and administrative controls, and business processes and technology
CSBS Seeks Comment on Proposed Federal Registry Fees
CSBS is inviting comment on proposed fees for the Federal Registry. More information can be found at Proposals for Comment. Comments on the proposed fees for the Federal Registry are due November 12, 2010.
If you have a question about the S.A.F.E. Act, FCA’s final rule, or the registration requirements for System employees and institutions, please submit your question to SafeAct@fca.gov. If you are a mortgage loan originator with a question, please contact your employing institution first before contacting FCA.
- SAFE Mortgage Licensing Act of 2008, Nationwide Mortgage Licensing System (NMLS) Resource Center
- Secure and Fair Enforcement for Mortgage Licensing Act, Federal Financial Institutions Examination Council
- Conference of State Bank Supervisors
- American Association of Residential Mortgage Regulators
- Federal Agencies Issue Final Rules to Implement S.A.F.E. Act Requirements for Registration of Mortgage Loan Originators
- Federal Agencies Propose Rule to Implement S.A.F.E. Act Mortgage Loan Originator Registration Requirements (joint news release issued June 1, 2009)