The requirements of the S.A.F.E. Mortgage Licensing Act will apply to our loan originators. I am just not sure yet if it will be under the state or federal requirements. Sec. 1507 (see below) addresses the system for registering the employees of depository institutions under Federal banking agencies, but I have not seen anything to date where the FDIC has addressed this. We qualify under the federal criteria as a depository institution; but since we are chartered by the state, we could fall under their requirements. We have currently been exempt under state law because our loan originators have been employees of a depository institution that is regulated by a Federal banking agency. Will Ohio legislation need to be modified as well to include employees of depository institutions.
Any thoughts?
Sec. 1507. System of registration administration by Federal banking agencies.
Within one year of the enactment (July 30, 2008), the Federal banking agencies (through the FFIEC) together with the Farm Credit Administration will jointly develop and maintain a system for registering the employees of depository institutions, the subsidiaries that the depository institutions “own and control” and institutions regulated by the Farm Credit Administration, as registered loan originators with the NMLSR, and will furnish or cause to be furnished to the NMLSR certain information including fingerprints and personal history and experience. The Federal banking agencies, through the FFIEC together with the Farm Credit Administration, will coordinate with the NMLSR to establish a unique identifier for all registered loan originators and data and functionality requirements for registration through the system.