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HUD/OH RIN: 2502-AI70 Publication ID: Spring 2011 
Title: SAFE Mortgage Licensing Act: Minimum Licensing Standards and Oversight Responsibilities (FR-5271-F-03)  
Abstract: This final rule sets forth the minimum standards for the state licensing and registration of residential mortgage loan originators, requirements for operating the Nationwide Mortgage Licensing System and Registry (NMLSR), and HUD's federal oversight responsibilities pursuant to the Secure and Fair Enforcement Mortgage Licensing Act of 2008 (SAFE Act or Act), to ensure proper monitoring and enforcement of states' compliance with statutory requirements. This 2008 law directs states to adopt loan originator licensing and registration requirements that meet the minimum standards specified in the SAFE Act. The 2008 law also encourages the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR) to establish a nationwide mortgage licensing system and registry (NMLSR) for the residential mortgage industry for the purpose of providing uniform state-licensing application and reporting processes for loan originators, and a comprehensive database to track loan originators licensed by the states and loan originators that work for certain federally regulated financial institutions or their subsidiaries. In addition to codifying the minimum licensing standards and HUD's oversight responsibilities under the SAFE Act, this rule also clarifies or interprets certain statutory provisions that pertain to the scope of the SAFE Act's licensing requirements, and other requirements that pertain to the implementation, oversight, and enforcement responsibilities of the states. This final rule makes certain changes to the regulations presented in HUD's December 2009 proposed rule in response to public comments submitted on the proposed rule, and further consideration of issues by HUD. The Dodd-Frank Wall Street Reform and Consumer Protection Act, recently enacted into law, provides for HUD's responsibilities under the SAFE Act to transfer to the new Bureau of Consumer Financial Protection (Bureau). The transfer is scheduled to take place on July 21, 2011. However, until the transfer occurs, HUD retains responsibility for oversight and enforcement of states' and the NMLSR's compliance with the SAFE Act's requirements. 
Agency: Department of Housing and Urban Development(HUD)  Priority: Economically Significant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Final Rule Stage 
Major: Yes  Unfunded Mandates: No 
CFR Citation: 24 CFR 30    24 CFR 3400   
Legal Authority: 12 USC 1701q–1    12 USC 1703    12 USC 1723i    12 USC 1735f–14    12 USC 1735f–15    12 USC 5101 to 5116    15 USC 1717a    28 USC 2461 note    42 USC 1437z–1    42 USC 3535(d)   
Legal Deadline:  None
Timetable:
Action Date FR Cite
NPRM  12/15/2009  74 FR 66548   
NPRM Comment Period End  02/16/2010    
NPRM Comment Period Extended  02/17/2010  75 FR 7149   
Second NPRM Comment Period Extended End  03/05/2010    
Final Action  06/00/2011    
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Camille E. Acevedo
Department of Housing and Urban Development, Office of General Counsel
Department of Housing and Urban Development
Office of Housing
Room 10276, 451 7th Street SW.,
Washington, DC 20410
Phone:202 402-5132
Email: camille.e.acevedo@hud.gov