By: Harriet B. Alexson (714.384.6578) halexson@bmkalaw.com©2010. All Rights Reserved.
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 institution must register with the registry, obtain an unique identifier from the registry, and maintain their regulations.
Following expiration of the 180-day initial registration period on July 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 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 registered; they would not be required to complete the federal registration process.
For further information about this interesting topic please contact:
Harriet B. AlexsonChair Financial Services Practice GroupBohm, Matsen, Kegel & Aguilera, LLP695 Town Center Drive, Suite 700Costa Mesa, CA 92626Tel: 714.384.6578Fax: 714.384.6501halexson@bmkalaw.comwww.bmkalaw.comwww.alexsonlaw.com
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