Federal Agencies Issue Final Rule for SAFE ACT Registration of Mortgage Loan Originators
Wednesday, July 28, 2010 - the Federal Agencies (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 ) have issued Final Rule regarding "the Registration of Mortgage Loan Originators" requiring residential mortgage loan originators employed by national and state banks, savings associations, Farm Credit System institutions, credit unions, and certain subsidiaries to meet certain registration requirements of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (“SAFE Act”).
http://www.occ.gov/ftp/release/2010-86.htm
3 comments:
Does this mean an LO working for a bank has to meeting the same requirements as an LO working for a mortgage company?
From a quick read of the Federal Register (via link above), it appears an LO has to take applicable test along with background and credit checks. I'm sure there will be lots of information coming out on this in a few hours/days.
The Federal Agencies have also put forth their own defintions of a Loan Officer.
even playing field...i like it!
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