About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

US FDIC Proposes New Registration Requirements for Residential Mortgage Loan Originators

Subscribe to our newsletter

The Federal Deposit Insurance Corporation (FDIC) has published proposals for comment in the US Federal Register that would introduce new requirements for the registration of residential mortgage loan originators, thus adding new legal entity identifiers into the Nationwide Mortgage Licensing System and Registry (NMLSR). Under the proposals, on which firms must provide feedback by the 20 April, the NMLSR would add another new system of records to cover personal information submitted by residential mortgage loan originators under the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act).

The SAFE Act requires that banks, savings associations, credit unions or Farm Credit System institutions and some of their related subsidiaries that act as residential mortgage loan originators to register with the NMLSR, obtain a unique identifier and maintain this registration in order to allow supervisors to track mortgage providers operating in the US market. The NMLSR then collects and stores information concerning these residential mortgage loan originators’ identities including personal history and experience in a web-based data repository. These entities are also given unique identification numbers for the retrieval and referencing of this data.

The Conference of State Bank Supervisors (CSBS) in its feedback to the Office of Financial Research (OFR) referenced this system in January as an example of a unique identifier structure that could be used as a logical framework for building the new legal entity identifier upon.

See the full details of the proposals in the Federal Register here.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: How to leverage data lineage for actionable business insights

Data lineage is a must-have for financial institutions, but is it being used to its greatest extent, and is it delivering actionable business insights that inform product development and support competitive advantage? This webinar will address these questions, looking first at the status quo of data lineage across capital markets, and moving on to discuss...

BLOG

FCA Makes Digital Sandbox Permanently Available, Invites Data Providers to Apply to List Data on the Platform

The Financial Conduct Authority (FCA) will make its Digital Sandbox available permanently from 1 August 2023 following two successful pilots. The aim is to open up the platform to a broader range of innovative businesses, start-ups and data providers. The sandbox is a testing environment that enables the FCA to support firms at the early...

EVENT

Data Management Summit London

Now in its 14th year, the Data Management Summit (DMS) in London brings together the European capital markets enterprise data management community, to explore how data strategy is evolving to drive business outcomes and speed to market in changing times.

GUIDE

Regulatory Data Handbook 2023 – Eleventh Edition

Welcome to the eleventh edition of A-Team Group’s Regulatory Data Handbook, a popular publication that covers new regulations in capital markets, tracks regulatory change, and provides advice on the data, data management and implementation requirements of more than 30 regulations across UK, European, US and Asia-Pacific capital markets. This edition of the handbook includes new...