Registration of Mortgage Loan Originators

ICR 200907-1550-003

OMB: 1550-0132

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2009-07-23
IC Document Collections
IC ID
Document
Title
Status
190058
New
ICR Details
1550-0132 200907-1550-003
Historical Inactive
TREAS/OTS
Registration of Mortgage Loan Originators
New collection (Request for a new OMB Control Number)   No
Regular
Comment filed on proposed rule 11/10/2009
Retrieve Notice of Action (NOA) 10/08/2009
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 MLO’s to comply with this Act’s 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

PL: Pub.L. 110 - 289 1501-1517 Name of Law: Title V of the Housing and Economic Recovery Act
  
None

1550-AC33 Proposed rulemaking 74 FR 27386 06/09/2009

No

1
IC Title Form No. Form Name
Registration of Mortgage Loan Originators

Yes
Changing Regulations
No
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 MLO’s 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, MLO’s.

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.
10/08/2009


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