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Federal Reserve Board of Governors

Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (S.A.F.E. Act) Implementation

The SAFE Act established federal registration requirements for an individual who acts as a residential mortgage loan originator (MLO) and is employed by an institution that is regulated by the Board of Governors of the Federal Reserve System, Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), Office of Thrift Supervision (OTS), National Credit Union Administration (NCUA), or the Farm Credit Administration (FCA) (collectively, agency-regulated institutions). In July 2010, these agencies issued jointly developed final rules that require these MLOs to register with the Nationwide Mortgage and Licensing System and Registry as required by the SAFE Act. The Registry assigned registered MLOs a unique identifier which consumers may use to access information about an MLO on the Registry's Consumer Access public website. The initial period for Federal registration of residential mortgage loan originators began on January 31, 2011, and concluded on July 29, 2011.

On July 21, 2011, provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) transferred certain SAFE Act responsibilities to the Consumer Financial Protection Bureau (CFPB), including rulemaking authority for all federal depository institutions and supervisory authority for SAFE Act compliance for entities under the CFPB's jurisdiction.

The SAFE Act rules require MLOs to maintain their registrations during the annual renewal period (November 1 through December 31 of each year), unless they no longer act as MLOs. However, the annual registration renewal requirement does not apply to a registered MLO who has completed their registration less than 6 months prior to the end of the annual renewal period, that is, July 1 of each year.

The scope of the SAFE Act rules with respect to Board-regulated institutions includes state member banks and certain bank subsidiaries and entities owned or controlled by foreign banks that are regulated by the Board, as well as their employees who act as MLOs.

Contact

Stanley Rediger, Supervisory Financial Analyst, Division of Banking Supervision and Regulation, (202) 452-2629.

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Last update: August 2, 2013