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#1492307 - 01/10/11 03:21 PM Re: Final SAFE Act published today Sinatra Fan
Truffle Royale Offline

10K Club
Joined: Jul 2003
Posts: 17,395
Quote:
For purposes of the definition of
mortgage loan originator,
section1503(3)(C) of the S.A.F.E. Act (12 U.S.C.
5102(3)(C)) defines ‘‘administrative or
clerical tasks’’ to mean: (1) The receipt,
collection, and distribution of
information common for the processing
or underwriting of a loan in the
mortgage industry; and (2)
communication with a consumer to
obtain information necessary for the
processing or underwriting of a
residential mortgage loan.
I'm using (2)'communication with a consumer' as my basis for not registering some people here. They only deal with the LO and never communicate directly with the customer so I think I'm ok not registering them. (And before anyone asks, yes, I do mean NEVER communicates directly with a borrower nor is there even a remote possibility that they would.)

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#1492316 - 01/10/11 03:29 PM Re: Final SAFE Act published today Truffle Royale
RR Joker Offline
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The Swamp
Yeah, where the tuff part comes in is when the LO has an LOA and that LOA does so much of the contact...they meet the 2 prong test, but aren't really an MLO from a practical standpoint...but from a techncial standpoint...they do!
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#1492324 - 01/10/11 03:35 PM Re: Final SAFE Act published today RR Joker
MarieR Offline
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But if they meet the definition of doing administrative or clerical tasks above, they are exempt from being a MLO, correct?
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#1492342 - 01/10/11 03:51 PM Re: Final SAFE Act published today Sheldon Hendrix
Sinatra Fan Offline
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Sinatra Fan
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Posts: 5,568
New Jersey
Originally Posted By: Compliance Rules
Originally Posted By: RR joker
What seems difficult on this is...who's number goes on the documents?


Especially if you have multiple MLO's in a transaction - Example: Loan processor takes application and provides disclosures, but loan officer actually does most of the "negotiating" with the applicant.


That's what I'm struggling with, too. Does an MLO have to meet the two-pronged test on that particular application to have his/her number on it? If none of the MLOs who "touch" an application meet the two-pronged test on that particular application, does no MLO number appear? Or do all of the MLO numbers appear?
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#1492353 - 01/10/11 03:57 PM Re: Final SAFE Act published today Sinatra Fan
RR Joker Offline
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RR Joker
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The Swamp
Personally, I think the 'real' MLO number should be on it...period...but I still think the definition is awful.
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#1492388 - 01/10/11 04:26 PM Re: Final SAFE Act published today RR Joker
Sheldon Hendrix Offline
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South
RR, I agree. I think when it boils down to being examined/audited, they're going to look for evidence that the actual loan officer provider their number.

It erks me to no end that we have to register loan assistants because they provide early disclosures, which is negotiating the transaction under the appendix. That is stupid!!!!!!!

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#1492610 - 01/10/11 07:38 PM Re: Final SAFE Act published today RR Joker
Sinatra Fan Offline
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New Jersey
Originally Posted By: RR joker
Personally, I think the 'real' MLO number should be on it...period...but I still think the definition is awful.


What if you don't have any "real" loan officers? We don't. We have no employee whose sole job it is to go out and take applications. Seven of the nine people in the mortgage department can take in a mortgage application; all nine are empowered and authorized to quote rates. No one individual may approve a loan; it needs the signature of at least two of three individuals (and in some cases, the approval of the loan committee).
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#1492723 - 01/10/11 08:33 PM Re: Final SAFE Act published today Sinatra Fan
RR Joker Offline
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RR Joker
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Posts: 20,654
The Swamp
Then those 97 people would be registered and whoever handles a particular application..their number goes on necessary docs.
Last edited by RR joker; 01/10/11 08:35 PM.
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#1492809 - 01/10/11 10:45 PM Re: Final SAFE Act published today RR Joker
Sinatra Fan Offline
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New Jersey
Yes, we are registering the magnificent 7. smile

We'll probably have multiple MLO numbers on most application files (person A takes in the application; processor B prepares the disclosures; person C signs the commitment).
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#1493102 - 01/11/11 04:44 PM Re: Final SAFE Act published today Sinatra Fan
Lilly1234 Offline
Member
Joined: Dec 2010
Posts: 50
A few questions:

1) If one of our employees already has a number, can they use their exisiting number? Or do they need a new one? If they can use it, how do we switch it to be associated with us?

2) After Fingerprinting and submission or information for our qualified employees, will results been sent back to us or the employee? Or is no news good news? Does anyone know how that is working?

Thanks in advance!

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#1493220 - 01/11/11 06:37 PM Re: Final SAFE Act published today Lilly1234
ahkcompliance Offline
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Joined: Sep 2008
Posts: 2,474
Midwest
1) From what I understand if they currently are registered, then after you register the bank you will need to go in and identify the MLO with your institution.

2) I believe the institution will be notified when the background check is done and will get a certificate. You should have policy/procedures of who will review and actions taken if something is one it.

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#1518163 - 03/07/11 03:09 PM Re: Final SAFE Act published today ItsJustMe
#Just Jay Offline
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Cheeseheadland
So a quick question for those who have completed the process for a few of your MLOs:

I am understanding that the MLO's name in the registry has to match their gov't issued photo ID, i.e. John Q. Public.

When the MLO completes its MUR4, and they supply their middle name, Que lets say, will this have any impact on how their name appears in the registry, orwillt hey have any issues when they go to get fingerprinted?
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#1519087 - 03/08/11 10:53 PM Re: Final SAFE Act published today #Just Jay
Comply 101 Offline
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According to the training session today, the name in the registry better match exactly their drivers license information or they will have trouble getting fingerprinted.
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