This question is in regards to the SAFE Act and disclosure of the MLO's unique identifier with the initial written communication. If loan is made to an employee of Sr. Management and the MLO is Sr. Management as well, does the requirement still apply? Obviously these employees know each other well, and since the unique identifier is a tool for customers to get info about the MLO would the disclosure of the unique identifier be relevant in this case? Would an examiner cite an Institution for not having disclosed the unique identifier on initial written communication?
Regarding SAFE Act compliance - the "Relation to Other Laws" section on page 9 of the March 2012 CFPB Safe Act guide - seems clear the MLO's NMLS number must be included on the loan application. BUT - if the loan is going to be kept in-house and not sold to the secondary market - is it still necessary to include the MLO's NMLS number on the loan application?
We have an individual requesting a business purpose loan secured by her home. Do we complete the government monitoring section of the application? We are not HMDA reportable. Also, is the loan originator section of the application required to be completed by the MLO?
Does the SAFE Act require us to conduct an annual audit? And if so, what is the Section of the Act that supports this? What does it say?
Is a mortgage loan to an LLC covered by the SAFE Act if the purpose is to serve as the members' primary residence (and not rental/business purposes)? Does the size of the complex matter? And, would the same be true if purchased by a corporation as the primary residence of one or more shareholders?
We do not offer mortgage lending only construction loans. Must our loan officers register under the SAFE Act requirements?
The Safe Act regulations require that a MLO provide his/her unique identifier to a consumer before acting as a mortgage loan originator. We have planned to provide the number on loan forms and business cards. Is it necessary to have a sign on the officers desk or in the mortgage loan department?
I recently attended a Harland Laser Pro Regional Conference. It was indicated that the SAFE ACT states that mortgage lenders must register for a NMLSR. Does this include loan officers that just take Home Equity Loan and HELOC applications?
What do we need to do to be exempt from the SAFE Act requirements under the de minimis exception? Do we need to count the number of applications for residential mortgage loans or is it the total number of residential mortgage loans that were actually booked by one individual in a rolling 12 month period?
My question concerns SAFE Act procedures. The MLO completes the MU4R Form for the background search. The Bank submits the background search. The MLO registers himself on the registry website. HR verifies the MLO's website entry information and "taps" the MLO as the Bank's employee (after we receive notification that the MLO has passed the background search). Is this correct? I am a little confused about the MU4R Form. Is it used for the background search or is it the information the MLO will enter on the registry website?