Community Bankers Association of Illinois

S.A.F.E. Act Mortgage Lender Registration Deadline Approaches

July 12, 2011 --The federal S.A.F.E. Act regulations pertaining to registration of bank-employed residential mortgage loan originators require that the mortgage lenders be registered with the Nationwide Registry and have secured their “unique identifier” number with the Registry by July 29, 2011. 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 S.A.F.E. Act Rules and Regulations 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. In addition, the bank itself is required to submit specified information to the Nationwide Registry; see for example, Section 365.103(e) of the FDIC’s S.A.F.E. Act Rules and Regulations.
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