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#1318311 - 01/05/10 09:49 PM SAFE Act
ahkcompliance Offline
Diamond Poster
Joined: Sep 2008
Posts: 2,470
Midwest
I have my hands in a little bit of everything today...when are loan orginators required to register for the SAFE Act?

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Lending Compliance
#1318624 - 01/06/10 03:29 PM Re: SAFE Act ahkcompliance
Jan94 Offline
Platinum Poster
Joined: Mar 2001
Posts: 828
USA
My understanding is that it is supposed to be 6 months after the national directory is in place. The directory is not yet in place. The regulatory agencies are to publish something when it is ready.

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#1354395 - 03/09/10 05:08 PM Re: SAFE Act Jan94
Kari Offline
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Kari
Joined: Sep 2002
Posts: 131
PA
As of March 2010, has the OCC decided to comply with the registration of loan originators?

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#1354414 - 03/09/10 05:23 PM Re: SAFE Act Kari
Sewanee, CRCM Offline
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Posts: 435
TN
I'm regulated by the OTS and I'm trying to find the same thing.
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#1354446 - 03/09/10 05:50 PM Re: SAFE Act Sewanee, CRCM
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 46,844
Bloomington, IN
What have I missed? What makes you think your regulatory agencies have the option to opt out of the Act? I can see where as Federal agencies they may have the option to opt out of any state requirement but not the Act itself.
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#1357164 - 03/12/10 09:26 PM Re: SAFE Act Dan Persfull
Sewanee, CRCM Offline
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Posts: 435
TN
I know that none of the regulatory agencies have the right to opt-out. I just would really like to see a version that has been issued by my regulator.
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#1357196 - 03/12/10 09:50 PM Re: SAFE Act Sewanee, CRCM
Dani York, CRCM Offline
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Dani York, CRCM
Joined: Apr 2005
Posts: 3,663
TN
I pulled the draft rule from the FFIEC website FAQ and it appears that the draft rule (already approved by the FDIC) is written as though all of the agencies will adopt it.

Draft rule http://www.fdic.gov/news/board/2009nov12no8.pdf

FFIEC Q&A http://www.ffiec.gov/safeact.htm

Per the Q&A, the rule is currently under review at the OMB, and once approved by the OMB, it is expected to be published by the agencies. My guess would be that everyone else will use whatever is approved by the OMB.
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#1357220 - 03/12/10 10:13 PM Re: SAFE Act Dani York, CRCM
Andy_Z Offline
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Andy_Z
Joined: Oct 2000
Posts: 27,503
On the Net
I think this is just a case of the red tape progressing slowly.

Are y'all having withdrawals because you haven't had a new or revised reg in the last month? smile Needing something to do with your spare time? smile
Last edited by Andy Z; 03/12/10 10:14 PM.
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#1415399 - 07/15/10 04:19 PM Re: SAFE Act Andy_Z
Sewanee, CRCM Offline
Gold Star
Joined: Dec 2006
Posts: 435
TN
Has anybody heard anything new on this?
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#1415825 - 07/16/10 12:54 PM Re: SAFE Act Sewanee, CRCM
DD Regs Offline
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DD Regs
Joined: Nov 2008
Posts: 4,132
Somewhere in the middle
See Sinatra Fans comment here .
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#1415831 - 07/16/10 01:02 PM Re: SAFE Act DD Regs
aliasg Offline
100 Club
Joined: Jul 2007
Posts: 148
MD
If we are a bank where our LOs are exempt from licensing, are we still suppose to have unique identifier numbers for our branches at this point? The application has a place for it.

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#1416156 - 07/16/10 06:57 PM Re: SAFE Act aliasg
Sewanee, CRCM Offline
Gold Star
Joined: Dec 2006
Posts: 435
TN
As I understand it, we can't provide numbers we don't have. I think FannieMae have given extra time for those institutions that will register their lenders to comply with this rule.
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