Notice of Joint Final Rule: Registration of Residential Mortgage Loan Originators
The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) was recently published in the Federal Register. The rule was taken in effect on October 1, 2010. At this time, institutions must implement appropriate policies, procedures and systems to ensure compliance. Applicable mortgage loan originators (MLOs) must register with the Nationwide Mortgage Licensing System and Registry (NMLSR) within 180 days of the date the NMLSR can begin accepting registrations, which could be as soon as January 28, 2011.
Click here to read more about the SAFE Act.