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#1492307 - 01/10/11 03:21 PM
Re: Final SAFE Act published today
Sinatra Fan
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10K Club
Joined: Jul 2003
Posts: 17,395
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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
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Posts: 20,654
The Swamp
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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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My opinion only. Not legal advice. Say you'll haunt me - Stone Sour
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#1492324 - 01/10/11 03:35 PM
Re: Final SAFE Act published today
RR Joker
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Platinum Poster
Joined: Nov 2005
Posts: 614
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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
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Joined: Jul 2002
Posts: 5,568
New Jersey
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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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Management is doing things right; leadership is doing the right things. Peter Drucker
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#1492353 - 01/10/11 03:57 PM
Re: Final SAFE Act published today
Sinatra Fan
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The Swamp
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Personally, I think the 'real' MLO number should be on it...period...but I still think the definition is awful.
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My opinion only. Not legal advice. Say you'll haunt me - Stone Sour
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#1492610 - 01/10/11 07:38 PM
Re: Final SAFE Act published today
RR Joker
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Power Poster
Joined: Jul 2002
Posts: 5,568
New Jersey
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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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Management is doing things right; leadership is doing the right things. Peter Drucker
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#1492723 - 01/10/11 08:33 PM
Re: Final SAFE Act published today
Sinatra Fan
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Joined: Nov 2002
Posts: 20,654
The Swamp
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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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My opinion only. Not legal advice. Say you'll haunt me - Stone Sour
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#1492809 - 01/10/11 10:45 PM
Re: Final SAFE Act published today
RR Joker
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Power Poster
Joined: Jul 2002
Posts: 5,568
New Jersey
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Yes, we are registering the magnificent 7. 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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Management is doing things right; leadership is doing the right things. Peter Drucker
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#1493102 - 01/11/11 04:44 PM
Re: Final SAFE Act published today
Sinatra Fan
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Member
Joined: Dec 2010
Posts: 50
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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
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Diamond Poster
Joined: Sep 2008
Posts: 2,474
Midwest
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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
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Joined: Oct 2006
Posts: 14,390
Cheeseheadland
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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
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Joined: Jul 2001
Posts: 708
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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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