Registration of Mortgage Loan Originators

Forms and Documents

Document Name	Status
1557-0243.forNonsub.change.doc Justification for No Material/Nonsubstantive Change	2011-08-22

IC Document Collections

IC ID	Document Title	Status
189206	Mortgage Loan Originator Update	Modified
189205	Mortgage Loan Originator Initial Set up	Modified
189204	Policies and Procedures; Tracking and Compliance Systems	Modified

ICR Details

OMB Control No: 1557-0243	ICR Reference No: 201108-1557-015
Status: Historical Active	Previous ICR Reference No: 201010-1557-006
Agency/Subagency: TREAS/OCC	Agency Tracking No:
Title: Registration of Mortgage Loan Originators
Type of Information Collection: No material or nonsubstantive change to a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 09/08/2011
	Date Received in OIRA: 09/07/2011
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	08/31/2012	08/31/2012	08/31/2012
Responses	458,251	0	408,271
Time Burden (Hours)	2,140,301	0	1,603,996
Cost Burden (Dollars)	0	0	0

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Abstract: The OCC, FRB, FDIC, OTS, NCUA, and the FCA (Farm Credit Administration) are implementing the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act), which requires an employee of a bank, savings association, credit union or other depository institution and their subsidiaries regulated by a Federal banking agency or an employee of an institution regulated by FCA who acts as a residential mortgage loan originator to register with the Nationwide Mortgage Licensing System and Registry and obtain a unique identifier. Agency-regulated institutions must require their employees who act as residential mortgage loan originators to comply with the SAFE 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.

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Authorizing Statute(s): US Code: 12 USC 5101-5116 Name of Law: S.A.F.E. Mortgage Licensing Act of 2008
  

Citations for New Statutory Requirements: PL: Pub.L. 111 - 203 124 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
1557-AD23	Final or interim final rulemaking	75 FR 51623	08/23/2010

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 3

IC Title	Form No.	Form Name
Mortgage Loan Originator Initial Set up
Policies and Procedures; Tracking and Compliance Systems
Mortgage Loan Originator Update

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	458,251	408,271	49,980	0	0	0
Annual Time Burden (Hours)	2,140,301	1,603,996	536,305	0	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The increase in burden is due to the integration of the OTS with the OCC. The additional respondents are entities formerly regulated by the OTS. The Secure and Fair Enforcement for Mortgage Licensing Act requires an employee of a bank, savings association, or credit union and their subsidiaries regulated by a Federal banking agency or an employee of an institution regulated by the FCA (Agency-regulated institutions) who engages in the business of a residential mortgage loan originator to register with the Nationwide Mortgage Licensing System and Registry (Registry) and obtain a unique identifier. The final rule implements these requirements and specifies that these Agency-regulated institutions must require their employees who act as residential mortgage loan originators to comply with the 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.

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Annual Cost to Federal Government:

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Yes

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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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:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(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;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

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.

Certification Date: 09/07/2011

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