OMB files this
comment in accordance with 5 CFR 1320.11( c ). This OMB action is
not an approval to conduct or sponsor an information collection
under the Paperwork Reduction Act of1995. This action has no effect
on any current approvals. If OMB has assigned this ICR a new OMB
Control Number, the OMB Control Number will not appear in the
active inventory. For future submissions of this information
collection, reference the OMB Control Number provided. Resubmit
when proposed rule is finalized.
Inventory as of this Action
Requested
Previously Approved
36 Months From Approved
0
0
0
0
0
0
0
0
0
The OTS, the FDIC, the Board, the OCC,
and the NCUA (the Agencies) proposing amendments to their rules in
order to implement the Secure and Fair Enforcement for Mortgage
Licensing Act (the S.A.F.E. Act) which was enacted as Title V of
the Housing and Economic Recovery Act of 2008, Pub. L. No.110-289.
The S.A.F.E. Act requires an employee of a bank, savings
association, or credit union and their subsidiaries regulated by
one of the Agencies or an employee of an institution regulated by
the Farm Credit Administration (collectively, Agency-regulated
institutions), who engages in the business of a residential
mortgage loan originator (MLO) to register with the Registry and
obtain a unique identifier. This proposal implements these
requirements. It also provides that these Agency-regulated
institutions must require their employees, who act as MLOs to
comply with this Acts requirements to register and obtain a unique
identifier, and must adopt and follow written policies and
procedures to assure compliance with these requirements. The OTS
proposed regulation implementing the SAFE Act will be added to 12
CFR Part 563
OTS is citing an increase in
the inventory burden due to the fact that this is a new collection
of information due to paperwork sections cited in the NPRM. The
information collected will improve the flow of information to and
between regulators; provide accountability and tracking of MLOs
originators, enhance consumer protections, reduce fraud in the
residential mortgage loan origination process and provide consumers
with easily accessible information at no charge regarding the
employment history of, and publicly adjudicated disciplinary and
enforcement actions against, MLOs.
No
No
Uncollected
Uncollected
No
Uncollected
Deborah Merkle 202
906-5688
No
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.