The NCUA is scheduled to be briefed on the final rules on the registration of mortgage originators during its meeting next Thursday.
The agency's proposed rules, which were also issued by five other financial regulatory agencies, would require financial institutions that originate mortgages to submit background information and fingerprints for the licensing of loan originators.
These regulations would meet the registration requirements of the S.A.F.E. Mortgage Licensing Act of 2008, which requires the regulators to develop and maintain a system for registering residential mortgage loan originators who are employees of credit unions, national and state banks, savings associations, and Farm Credit System institutions, and some of their subsidiaries. These mortgage loan originators must be registered with the Nationwide Mortgage Licensing System and Registry, a database established by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators to support the licensing of mortgage loan originators by state governments.
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