Arkansas
State Bank Department
S.A.F.E. Mortgage Licensing Act of 2008
(updated November 5, 2010)
The
S.A.F.E. Mortgage Licensing Act of 2008 requires mortgage loan originators to
become licensed, and employees of regulated banks that are involved in mortgage
loan origination to register. The final
rules addresses the registration requirements and are published in the
Wednesday, July 28, 2010 edition of the Federal Register.
Residential
mortgage loan originators who are employees of agency-regulated institutions
will be required to be registered with the Nationwide Mortgage Licensing
System. The final rules establish the
registration requirements and the adoption of policies and procedures to ensure
compliance the S.A.F.E. Act and the final rules.
The
final rules are to take effect on October 1, 2010 and the federal regulatory
agencies anticipate that the registry could begin accepting federal
registrations as early as January 28, 2011.
Federal regulatory agencies will inform the banks when they must
register. It appears banks will have 180
days from the date the registry begins accepting federal registrations to
comply with the registration requirements.
You can
access the final rules by clicking on the following link:
http://fdic.gov/news/news/press/2010/pr10170a.pdf
Comments or questions about the Arkansas State Bank Department Web site? E-mail us at: webmaster@banking.state.ar.us
