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#1421402 - 07/29/10 02:23 PM
Re: Final SAFE Act published today
waldensouth
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100 Club
Joined: Jan 2004
Posts: 208
PA
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Am I correct in reading that Mortgage originators will have to provide fingerprints? I thought they would not have to but reading yesterday's release it appears they would have to provide them.
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#1421408 - 07/29/10 02:24 PM
Re: Final SAFE Act published today
RR Joker
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Where is the appendix? I printed off the final rule, but i don't see the appendix. raitchjay, I see an Appendix A to Subpart F in the clickable index I posted above. I guess my computer is persnickety.....if i click on your link, it comes up, but if i try to scroll at all...it becomes non-responsive.
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#1421411 - 07/29/10 02:27 PM
Re: Final SAFE Act published today
Cats
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100 Club
Joined: Apr 2009
Posts: 123
OH
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Underwriters are exluded from registering. Here's an excerpt from the Act, Page 44676:
Some commenters asked whether employees engaged solely in making underwriting decisions with respect to mortgage loans are offering terms of a mortgage loan. These employees, although they do not typically communicate directly with consumers, would appear to fall within the definition of taking an application. The Agencies have added, as an example of an activity that is not offering or negotiating terms of a mortgage loan, making an underwriting decision about whether the consumer qualifies for a loan. An employee engaged solely in this activity would not offer or negotiate terms of a loan, and would not, therefore, meet the two-prong test forand would not, therefore, meet the two prong test for acting as a loan originator. The Agencies note that modifying the terms of an existing loan to a borrower as part of the institution’s loss mitigation efforts generally would not constitute acting as a mortgage loan originator for purposes of the S.A.F.E. Act.
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#1421429 - 07/29/10 02:41 PM
Re: Final SAFE Act published today
MollyMacMe
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Joined: May 2001
Posts: 186
the tundra
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Thanks, MollyMacMe. I read that yesterday, too. However, I guess I was kind of confused on how they conclude an underwriter doesn't offer/negotiate the terms. That's exactly what they do when they are underwriting. If what the banker and customer ask for is a no go, the underwriter is trying to find something that will work for them. They don't directly speak to the customer to offer the terms in the vast majority of situations, but they do through the banker. And as I mentioned above, if it's a preapproval, the letter comes signed directly by the underwriter. Maybe I just need to change that component and have it from the banker, even though the lending authority is based with the underwriter??
I'll go with their analysis because I don't want more people covered than necessary, but it seemed more convoluted than it should have.
Oh, the next few years of lending compliance are going to suck . . . bad!!
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#1421448 - 07/29/10 02:53 PM
Re: Final SAFE Act published today
sammylou
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When will this get made into a Regulation or whatever? I want to be able to read it in it's finished format....i really don't care about "well...somebody said we should do this, and we thought about doing this"...it just muddies the water for me. Where can i find it in it's simplified version?
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#1421453 - 07/29/10 03:01 PM
Re: Final SAFE Act published today
raitchjay
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Posts: 186
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It is a final regulation. The link is on page 1 of this message string.
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#1421455 - 07/29/10 03:04 PM
Re: Final SAFE Act published today
sammylou
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So, when BOL updates their Alphabet Soup (i'm assuming that will happen) to include the SAFE Act, it will include all of this language about what the Agencies considered doing, did do, and didn't do?
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#1421463 - 07/29/10 03:09 PM
Re: Final SAFE Act published today
raitchjay
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Alphabet soup contains just the final reg...not all the discussions.
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#1421466 - 07/29/10 03:11 PM
Re: Final SAFE Act published today
RR Joker
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That's what i want.
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#1421470 - 07/29/10 03:12 PM
Re: Final SAFE Act published today
raitchjay
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Where is the regulation without all the discussion? The discussion is fine and i want to read it...but i also want to see just the regulation.
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#1421471 - 07/29/10 03:12 PM
Re: Final SAFE Act published today
raitchjay
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In the meantime...look up your state's version. If it's more restrictive, it will preempt the federal rules anyway.
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#1421473 - 07/29/10 03:13 PM
Re: Final SAFE Act published today
raitchjay
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Joined: Aug 2006
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Where is the regulation without all the discussion? The discussion is fine and i want to read it...but i also want to see just the regulation. The actual regulations start on page 30 of the document. It starts with OCCs regulation, and if you keep scrolling down you'll see each agencies regulation (FRB is next, then FDIC)
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#1421482 - 07/29/10 03:17 PM
Re: Final SAFE Act published today
MN Banker
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Ok....the part ya'll are referencing is the part my stupid computer wouldn't let me access til just now.....i was wondering what i was missing.
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#1421483 - 07/29/10 03:17 PM
Re: Final SAFE Act published today
raitchjay
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KY
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Test of the "rule" begins at the bottom of page 29 of the FR version. You'll see several 'versions' depending on which regulator is your primary regulator.
Last edited by StevenD; 07/29/10 03:19 PM.
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#1421575 - 07/29/10 05:07 PM
Re: Final SAFE Act published today
15jwolander
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Joined: Nov 2004
Posts: 2,309
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Am I correct in reading that Mortgage originators will have to provide fingerprints? I thought they would not have to but reading yesterday's release it appears they would have to provide them. Yes. See section ___.103(d)(ix) of your regulator's rules. It says that fingerprints that are less than 3 years old may be used to satisfy the requirements. So, if you have an employee who was fingerprinted 3 or more years ago, you will have to get new fingerprints.
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#1421592 - 07/29/10 05:34 PM
Re: Final SAFE Act published today
Reads Regs
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Joined: Aug 2006
Posts: 980
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Does anyone know how the fingerprinting works? Will we have to send our LOs down to the police dept to get fingerprinted, and then submit the fingerprints to the registry? So, we'll have to mail them? I don't know why I can't seem to wrap my head around the logistics of this part, but any thoughts would be much appreciated!
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#1421594 - 07/29/10 05:38 PM
Re: Final SAFE Act published today
MN Banker
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That would seem logical..In my personal experience, they have migrated mostly to digital fingerprinting now that I don't think is very mobile, however you might check and see if they can come to the bank and get all at one time. I know when we first started fingerprinting employees in general...that's what we did.
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#1421602 - 07/29/10 05:44 PM
Re: Final SAFE Act published today
RR Joker
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Joined: Aug 2006
Posts: 980
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Thanks! I think part of my problem is we have about 100 LOs, so keeping everything straight is going to be a nightmare.
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#1421609 - 07/29/10 05:49 PM
Re: Final SAFE Act published today
MN Banker
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The Swamp
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Maybe involve HR? They're used to that!!!
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#1421610 - 07/29/10 05:50 PM
Re: Final SAFE Act published today
MN Banker
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RR Joker.....i'm with MN Banker....having a hard time wrapping my head around it too...so, LOs go to the local police station....get their fingerprints taken digitally....then what? We send them in manually?
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#1421612 - 07/29/10 05:51 PM
Re: Final SAFE Act published today
raitchjay
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The Swamp
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I would imagine so...along with the fee, bio info and whatever else is required (it's been toooo long since I studied this thing!...I guess I need to start diggin in case I need to light a match under the management that will be responsible for this rule) We fingerprint as a matter of hiring practice and run backgrounds...but I have a feeling copies won't work!
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#1421615 - 07/29/10 05:53 PM
Re: Final SAFE Act published today
RR Joker
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I was thinking getting the bio info to the registry(and maybe other stuff too?), was going to be a case of logging onto the Registry website....no?
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#1421623 - 07/29/10 06:02 PM
Re: Final SAFE Act published today
raitchjay
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Diamond Poster
Joined: Sep 2008
Posts: 2,474
Midwest
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Did I read there is an annual fee for the registry or am I getting that confused with something else?
Also, an employee who hands a mortgage applicaitons to a borrower does not qualify as a MLO?
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#1421625 - 07/29/10 06:04 PM
Re: Final SAFE Act published today
ahkcompliance
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Posts: 20,656
The Swamp
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There are fees involved (again if memory serves) me not only for the lending personnel, but the bank itself.
raitchjay, if there is e submission capability, then that's a distinct possiblity.
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