RR Joker, just curious, what website do you use to access the FR on a Saturday for the upcoming Monday?

If you subscribe to the email feed of the federal register TOC, you get Monday's TOC after midnight on Friday. Here is the link:

http://listserv.access.gpo.gov/

Thanks, does the TOC e-mail have working links that let you access a PDF file that is in the 3 column FR format of FR items? I know that when you access the "Tomorrow's Federal Register" information on the FR website, you only get access to the non-FR format of a document.

So have any of the BOL Experts chimed in on any of this?

We're all pretty much as expert as the next compliance person on this SAFE Act stuff. Are you looking for something in particular, Bobw?

If you work your way through the definitions you will see that this only applies to originators of residential mortgage loans, that are defined as primarily for personal, family, and household use.

Commercial loans are not covered and therefore none of the requirements of the rule apply.

I am going through the act and trying to determine exactly what the employee is required to submit to the registry?

It is listed under Employee Information...quite a lengthy list:

•Current name and any other names used
•Home address and contact information
•Address of the employee's principal business location and business contact information
•Social security number
•Gender
•Date and place of birth
•Financial services-related employment history for the 10 years prior to the date of registration or renewal, including the date the employee became an employee of our bank
•Convictions of any criminal offense involving dishonesty, breach of trust, or money laundering, or agreements to enter into a pretrial diversion or similar program in connection with the prosecution for such offense, against the employee or organizations controlled by the employee
•Civil judicial actions against the employee in connection with financial services-related activities, dismissals with settlements, or judicial findings that the employee violated financial services-related statutes or regulations, except for actions dismissed without a settlement agreement
•Actions or orders by a state or federal regulatory agency or foreign financial regulatory authority that:
—Found the employee to have made a false statement or omission or been dishonest, unfair or unethical; to have been involved in a violation of a financial services-related regulation or statute; or to have been a cause of a financial services-related business having its authorization to do business denied, suspended, revoked, or restricted
—Are entered against the employee in connection with a financial services-related activity
—Denied, suspended, or revoked the employee's registration or license to engage in a financial services-related activity; disciplined the employee or otherwise by order prevented the employee from associating with a financial services-related business or restricted the employee's activities
—Barred the employee from association with an entity or its officers regulated by the agency or authority or from engaging in a financial services-related business
•Final orders issued by a state or federal regulatory agency or foreign financial regulatory authority based on violations of any law or regulation that prohibits fraudulent, manipulative, or deceptive conduct
•Revocation or suspension of the employee's authorization to act as an attorney, accountant, or state or federal contractor
•Customer-initiated financial services-related arbitration or civil action against the employee that required action, including settlements, or which resulted in a judgment

And to add to Kaybee's thought - I posted a link to the sample collection form the MU4 somewhere in this thread. I am taking it with me when explaining to staff member's the information that they'll need to start compiling.

I've read that the Action date for the new SAFE Act is October 1, 2010. Would anyone happen to have a sample policy/procedures that they would be willing to share with me? Or know where I may find one? Thanks!!

Here is another link to the MU4 form.

http://mortgage.nationwidelicensingsystem.org/licensees/resources/LicenseeResources/Form%20MU4.pdf

I am really looking to who needs to be included in the registration. We have two "true" mtg originators, however we have branch mgrs and service reps that will take an app using our online process. Basically just filling it our for them. However, they might ask about rates and they would quote that along with Pts. We are struggling as who to register

I am working on a very short training for the board so they know what the policy they are going to be approve should address. One aspect I know I will be asked about is the liability for noncompliance. I couldn't find anything directly so does that mean that it is the regulatory agencies use of written agreements, C&Ds and CMPs? Thanks for any help.

Bobw...I'd say everyone you mentioned above would qualify.

I agree with RR joker.

I do as well. When you read the statute and the examples, people taking down an application or entering it into an online system are MLOs.

(iii) is inputting information into an online application or other automated system on behalf of the consumer;

I'M SO CONFUSED! We're having a huge disagreement about who has to register

Test 1 - Taking an application. Employee takes application data (check).
Test 2 - Offering a rate. Employee says the rate today is ____%. The rate is the rate is the rate.

Section (b)(2) - says it would not include "in response to a consumer's request, informing a consumer of the loan rates that are publicly available such as on a Web Site for specific types of loan products without communicating to the consumer whether qualifications are met for the loan product" The employee says "Thanks, for the app - someone else will be in contact".

I see the response to Bobw and it's very similar but folks here say that test 2 is not passed...

Are those same employees issuing GFEs and/or TILs? Something else to think about....if they are....i think that would make them an MLO.

No they are not. All they are doing is looking at a screen and saying "today's rate is _____".

Would that be verbally providing a disclosure of loan terms after application even if only the rate approved by the bank's loan approval mechanism function for a specified loan product is communicated without authority to negotiate the rate????

Yes, SkiDoo...that would be correct.

We are a federal bank that has 3 loan officers. They do not receive "compensation or gain" from loans do we still have to register? They are just paid an annual salary not based on loan production.

Salary is compensation, so we will be registering our loan officers.

In the appendix, you can see that receiving a salary is compensation. If you volunteer your services, you are off the hook, otherwise - covered.

can you send me the quote or reference point. I was unable to find that information about salary being compensation. Thanks.