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At this time there is no action required in the Nationwide Mortgage Licensing System (NMLS) of any mortgage loan originator who is an employee of a federally insured depository institution or an owned and controlled subsidiary of such a depository institution that is federally regulated. |
On July 28, 2010, the Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Office of Thrift Supervision, Farm Credit Administration, and National Credit Union Administration (“the agencies”) published 
final rules concerning implementation of federal registration requirements of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act).
Individuals and institutions covered by these rules should not establish a record in NMLS at this point. According to the final rule, the system is not expected to be available to accept Federal registrations before January 2011. Individuals and institutions will be directed on how to proceed by the appropriate agency. You may also wish to check this page regularly for updates and additional information as they become available.
Federal Agency Contacts
Frequently Asked Questions
Do I need to register?
According to the rule published in the Federal Register, all individuals who meet the definition of a mortgage loan originator and are employed by federally-regulated institutions will need to be registered by the end of the initial transition period. The agencies will announce when the initial transition period will take place. Institutions should consult legal counsel to determine if you are covered by this requirement. If your institution is unsure, it should contact its regulating agency for further clarification.
What do I need to do to be registered and when can I start doing it?
At this time, there is no required action for either federally-regulated institutions or their mortgage loan originators (MLOs). The agencies have not announced when the Federal Registry’s initial transition period will begin. According to the final rule, the system is not expected to be available to accept Federal registrations before January 2011. The appropriate agency will communicate the exact date to your institution, and a notice will be posted on the NMLS Resource Center’s federal registration website. Once the initial transition period commences, MLOs may begin the registration process.
The NMLS Resource Center’s Federal registration page will be continually updated with resources regarding what information will be necessary for registration; you may wish to bookmark this page (http://mortgage.nationwidelicensingsystem.org/fedreg) for future reference. Once available, you can use those resources to begin preparing for the registration process. Additionally, at the appropriate time, your employer will provide you with any necessary instructions and information to properly register.
When do I have to be registered by?
MLOs will have 180 days from the beginning of the initial transition period to register.
What if I have a question about the rule?
Your regulating agency is the best source of information regarding specific questions about the Registry’s rules and regulations. See Federal Agency Contacts.