Community Bankers Association of Illinois

S.A.F.E. Act Mortgage Lender Registrations Commence

On January 31st, the federal regulatory agencies announced that registrations of mortgage lenders employed by depository institutions were now being accepted by the Nationwide Mortgage Licensing System and Registry (the “Nationwide Registry”) pursuant to the federal S.A.F.E. Act. Bank-employed mortgage loan originators must register with the Nationwide Registry during the initial 180-day registration period that began on January 31 and concludes on July 29. After July 29, an unregistered bank employee will be prohibited from originating residential mortgage loans and his or her bank employer will also be in violation for allowing an unregistered employee to originate the loan. For more information, you can refer to the FDIC’s January 31 press release by clicking here, or you can access the Nationwide Registry’s web site, including how to contact your federal regulator if you have questions, by clicking here.

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