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FRS RIN: 7100-AD32 Publication ID: Fall 2010 
Title: Regulation H--Registration of Mortgage Loan Originators (Safe Act) (Docket No. R-1357) 
Abstract: The Office of Comptroller of the Currency, Federal Reserve Board, Federal Deposit Insurance Corporation, Office of Thrift Supervision, Farm Credit Association, and National Credit Union Administration (collectively, the Agencies) finalized amendments to their rules to implement the Secure and Fair Enforcement for Mortgage Licensing Act (The SAFE Act). The SAFE Act requires an employee of a bank, savings association, credit union or other depository institution and their subsidiaries regulated by a Federal banking agency or an employee of an institution regulated by the FCA (collectively, Agency-regulated institutions) who acts as a residential mortgage loan originator to register with the Nationwide Mortgage Licensing System and Registry (Registry), obtain a unique identifier, and maintain this registration. This final rule implements these requirements. It also provides that Agency-regulated institutions must require their employees who act as residential mortgage loan originators to comply with the SAFE Act's requirements to register and obtain a unique identifier and must adopt and follow written policies and procedures designed to assure compliance with these requirements. The final rule was finalized substantially as proposed, but differs from the proposed rule in the following ways: (1) The final rule clarifies that employees engaged solely in loan modifications as part of the institution's loss mitigation efforts would not be mortgage loan originators for purposes of the SAFE Act. The Agencies had sought comment on this issue in the proposal. (2) The final rule provides an exception to registration requirements for employees who have acted as a mortgage loan originator with respect to a small number of mortgage loans. In addition to the individual limit on mortgage loan originator activity, the Agencies had also proposed an aggregate limit. (3) The final rule has fewer data collection requirements for covered residential mortgage originators than the proposal. 
Agency: Federal Reserve System(FRS)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Completed Actions 
Major: No  Unfunded Mandates: No 
CFR Citation: 12 CFR 208.101 to 104    ...     (To search for a specific CFR, visit the Code of Federal Regulations.)
Legal Authority: 12 USC 501 et seq   
Legal Deadline:
Action Source Description Date
NPRM  Statutory  Statutory deadline for implementation of the registration system.  07/29/2009 
Timetable:
Action Date FR Cite
NPRM  06/09/2009  74 FR 27386   
NPRM Comment Period End  07/09/2009    
Board Issued Final Rule  07/28/2010  75 FR 44656   
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Small Entities Affected: No  Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Anne Zorc
Counsel
Federal Reserve System
Legal Division,
Phone:202 452-3876