The period for mortgage originators to begin registration begins today and runs through July 29, the NCUA and other financial regulators announced today.
The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act), requires employees of federally regulated institutions who originate mortgage loans to be registered with the Nationwide Mortgage Licensing System and Registry.
After July 29, people who aren't registered can't originate mortgages. Originators who have originated five or fewer mortgage loans in the last 12 months and have never been registered do not need to register.
For more information, go to:
http://mortgage.nationwidelicensingsystem.org/fedreg/Pages/default.aspx
