Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (Federal SAFE Act)

On June 1, 2009, the federal banking agencies issued a Joint Press Release which announced the issuance of a joint notice of proposed rulemaking on May 29, 2009, concerning implementation of federal registration requirements of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (Federal SAFE Act ). The Joint Press Release and the proposed rule can be found at the FDIC website (click here).

July 30, 2009, marked the one-year anniversary of the passage of the SAFE Act, which requires all mortgage loan originators to be registered through a system such as the CSBS/AARMR Nationwide Mortgage Licensing System (NMLS).  Forty-eight states, including Louisiana, have taken action and passed legislation in order to meet the one-year deadline to comply with the statutory requirements imposed by the SAFE Act. The Conference of State Bank Supervisors (CSBS) has distributed a memo (click here) to each member of Congress to inform them of the tremendous progress made by each state regulatory agency and its legislature to implement the SAFE Act.

Individuals and institutions covered by the proposed rule will be directed how to proceed once it has been finalized. In the meantime, please contact Chief Examiner Sid Seymour at 225-925-4675 or sseymour@ofi.louisiana.gov with any questions in this regard.