Well, not only did we get inundated by the FRB today, but by the state as well!

Never a dull moment, right?

I'm a little behind in all the reading (and would guess I'm not alone ;-)...but am I reading correctly that the fee for registering as a mortgage loan originator will be $1,000? Is that per lender? I've been trying to gather information on the expected fees for registering under the SAFE Act. Thanks!

Jan94, are you employed by a financial institution? If so, don't pay attention to the State rules, only the Federal rules apply to FI's. They just recently issued the proposed fees. The link is posted in one of the SAFE Act threads in the lending forum (I think)

Yes, I'm with a financial institution and understand that the state licensing requirements didn't apply. We've been looking for some idea of what the fees will be and as I was reading through the GA proposal it wasn't clear to me that it wouldn't apply -- so you're understanding is that the information about the fees will come from the regulatory agencies?

The GA DBF person who conducted the SAFE act training at the GBA Compliance Conference stated that he didn't know what the fees would be for MLOs to register but that from what he has seen he anticipates it being from $69-$89 dollars per person. Part of that would be the registration fee and part would be the fingerprinted background check fee. The fees will be posted on the registration website once its ready to be used.

There is a proposal for the fees already out tho.

here

Thank you for the link to the proposal-I had not seen that. The DBF's final rules came out on 11/2/10 and I was reading through this section:

80-5-1-.02 License, Registration and Supervision Fees for Check Cashers and Sellers, Money Transmitters, Representative Offices and Mortgage Lenders and Brokers; Due Dates

(4) Mortgage licensees and registrants.

(c) Mortgage Loan Originators. The initial and renewal application and license fee for mortgage loan originators shall be one hundred dollars ($100), due prior to December 1 of each year. Subsequent renewal application fees must be received by the Department on or before December 1 of each year or the applicant will be assessed a late fee of one hundred dollars ($100). A renewal application is not deemed received until all required information, including a renewal fee in the appropriate amount, has been provided by the licensee. A renewal application, containing all of the required information along with the correct fees that is not received by the Department on or before the December 1 renewal application deadline of each year cannot be assured of issuance or renewal prior to January 1, at which time the license or registration will be considered to be expired. Effective August 1, 2010, applicants may not conduct mortgage loan origination activity without a current license.

(d) Lender Registrants. The initial and renewal application and registration fee for mortgage lenders required to register but not be licensed with the Department shall be one thousand dollars ($1,000), due on or before December 1 of each year. An initial investigation fee of two hundred fifty dollars ($250) per applicant shall also apply. Subsequent renewal applications and registration fees must be received on or before December 1 of each year or the applicant will be assessed a late fee of three hundred dollars ($300). A renewal application and registration fee not received on or before the December 1 renewal application deadline of each year cannot be assured of issuance or renewal prior to January 1, at which time the license or registration will be considered to be expired. Applicants may not conduct a mortgage business without a current license or registration.

(d) is the one I'm wondering about. It appears to indicate that if a lender is required to be registered but not licensed the initial fee is $1,000. That's a little high.

So even though this section refers to registration of lenders, it would still not be applicable to financial institution employees, is that correct? Just want to be sure we're not overlooking anything. Thank you for your help.

That's correct, forget the state rules if you are a FI.

I believe that Lender reference is for non FI's that fund mortgages. I'd have to go back and read all the "guts" to determine that for certain. If you look at the "Lender" requirements vs MLO's...aren't the MLO's the ones required to be licensed and the company they work for requires registration? I honestly don't remember!

If I get a few minutes, I'll try to break it down.

Okay, took me awhile, but luckily I had referenced what I had needed in a memo!

Within the footnotes on the bottom of page 44657 of the Federal Registry you will find the exemption for employees of Federally regulated FI's.

One is bottom of middle column and bottom of 3rd column. Note that if you have a non-FI subsidiary, you could be subject to State, too.

Here is the Federal Registry, if you need it.



and here is one with a clickable index. The one above will be easier to find the footnotes, I believe since the formats are totally different...but this one is handy.

Just to make sure I understand, we are exempt from all the Georgia licensing/registrations fees and are only required to register with the NMLS and pay any fees they require. Correct?

That's what it says and is my understanding...but if you really want to put your mind at ease, how about calling your State rep at the DBF?