The Safe and Fair Mortgage Licensing Act, 2008 (S.A.F.E. Act) provides for the licensing and/or registration of mortgage lenders. The S.A.F.E. Act requires employees of deposit-taking institutions, employees of subsidiaries owned and controlled by a deposit-taking institution and regulated by a Bundesbank body, or employees of institutions regulated by the Agricultural Credit Administration that act as residential mortgage lenders, to register with the national mortgage licensing system and the register and provide a unique identifier. and maintain this registration. The S.A.F.E. law also requires states to establish minimum standards for licensing residential mortgage lenders. For Regulations G and H, references to the respective banking agencies and HUD have been replaced by references to the Bureau in the new Regulations. Consistent changes have been made to the internal cross-references.

Corresponding amendments have also been made to reflect the scope of the Bureau`s powers under the requirements of the S.A.F.E. Act as amended by the Dodd-Frank Act. For example, references to the federal registration authorities and the HUD and their respective administrative structures have been replaced by references to the Office and its administrative structure. Corresponding changes have been made to internal cross-references and addresses. Historical references and references to expired validity dates that are no longer applicable have been removed. (b) Purpose. The objective of this section is to improve consumer protection and combat fraud by requiring States to establish uniform minimum standards for the licensing and registration of residential mortgage lenders and to participate in a national mortgage licensing system and a residential mortgage registry database. Under S.A.F.E. If the Bureau determines that a state`s licensing system does not meet the minimum requirements of the S.A.F.E. Act, it is responsible for establishing and implementing a system for all lenders in that state.

If, at any time, the Bureau determines that the national mortgage licensing system and registry do not meet the requirements of the S.A.F.E. Act, the Bureau is responsible for establishing and maintaining a database of lender licensing and registration. (ii) Prohibition. A covered financial institution shall not permit an employee subject to the registration requirements of this Part to act as a mortgage lender for the covered financial institution unless the employee is registered in accordance with this Part. (b) In the case of a person who has been authorized to grant residential mortgages under State laws or regulations issued or promulgated prior to the enactment by the State of a licensing system in accordance with this paragraph, a State may extend the effective date of the requirements it imposes under sections 1008.103, 1008.105 and 1008.107 by 29 August. 2011. For the purposes of paragraph (b), a person was permitted to issue residential mortgages only if the prior law of the State required that the person be licensed, licensed, registered or otherwise granted to individuals in some form of positive and revocable government authorization as a condition of enforcement of residential mortgages. (ii) Rules applicable to certain acquisitions, mergers or restructurings. If registered or licensed mortgage lenders become employees of covered financial institutions as a result of an acquisition, consolidation, amalgamation or reorganization, only the requirements of paragraphs (a) (4) (i) (A), (C) and (D) of this section must be met and those requirements must be met within 60 days after the effective date of the acquisition. Merger or reorganization.

(d) good faith efforts to comply with the rules. If the Bureau makes the final decision described in paragraph (c) of this Article, but determines that the State is making good faith efforts to comply with the requirements of 12 U.S.C. 5104, 5105, 5107(d) and this Subsection, the Bureau may give the State up to 24 months` notice to comply with those requirements. If an extension is granted to the State under this paragraph (d), the Bureau shall conduct an additional initial and final determination procedure before determining that the State is not in compliance with the regulations and is subject to subdivisions C and E of this Part. I am the internal auditor and verify compliance with SAFE Act and Reg Z for the inclusion of a unique identifier in credit documents. We issue our reverse mortgages through two investors. Documents are created through the investor`s website. Does the #NMLS have to be on the GFE? I don`t see it with any of our investors at GFE. What information documents are required exactly? (You have on the bill, mortgage, application) The regulation requires credit unions to “provide the unique identifiers of their registered mortgage lenders in a manner and method that is feasible for the institution.” See 12 CFR ยง 1007.105(a). In the preamble to this rule, there is some guidance on how NCUA expects credit unions to generally provide NMLS identifiers to credit unions: The Administrative Procedure Act (APA) [12] generally requires public notice and an opportunity to comment before enacting regulations.

[13] However, the APA provides exemptions from notice-and-comment procedures where an agency determines, for valid reasons, that such procedures are impracticable, unnecessary or contrary to the public interest, or where a regime is related to the agency`s organization, procedure and practices. [14] The Office notes that there are good reasons to conclude that notice and the opportunity to comment would be unnecessary in these circumstances and would be contrary to the public interest.