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SAFE Act registration is now open to credit unions

The NCUA, along with most financial regulatory agencies, and the Farm Credit Administration announced that the Nationwide Mortgage Licensing System and Registry will begin accepting federal registrations Jan. 31.

Under the Secure and Fair Enforcement for Mortgage Licensing Act (S.A.F.E. Act) and the agencies' final rules, residential mortgage loan originators employed by banks, savings associations, credit unions, or Farm Credit System institutions must register with the registry, obtain a unique identifier from the registry, and maintain their registrations.

 

Following expiration of the 180-day initial registration period on Jul. 29, 2011, any employee of an agency-regulated institution who is subject to the registration requirements will be prohibited from originating residential mortgage loans without first meeting these requirements. The rules include an exception for mortgage loan originators that originated five or fewer mortgage loans during the previous 12 months and who have never been registered; they would not be required to complete the federal registration process.

 

Credit unions can find more information about the registry and the registration process by visiting the registry's website.

For questions about signing up for SAFE Act, contact LSCU VP, Regulatory Affairs Bill Berg at 866.231.0545 ext. 1028 or Director, Compliance Scott Morris at ext. 2165.

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