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

Upcoming Webinar: Strategies, tools and techniques to extract value from unstructured data

Date: 12 September 2024 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes Unstructured data is voluminous, unwieldy and difficult to store and manage. For capital markets participants, it is also key to generating business insight, making better-informed decisions and delivering both internal and external value. Solving this dichotomy can be a...

BLOG

EU Parliament Approves Landmark Artificial Intelligence Act

The EU Parliament has approved the Artificial Intelligence Act, marking the world’s first regulation of AI. The regulation establishes obligations for AI based on its potential risks and level of impact and is designed to ensure safety and compliance with fundamental rights, democracy, the rule of law and environmental sustainability, while boosting innovation. The act...

EVENT

RegTech Summit London

Now in its 8th year, the RegTech Summit in London will bring together the RegTech ecosystem to explore how the European capital markets financial industry can leverage technology to drive innovation, cut costs and support regulatory change.

GUIDE

Regulatory Data Handbook 2022/2023 – Tenth Edition

Welcome to the tenth edition of A-Team Group’s Regulatory Data Handbook, a publication that has tracked new regulations, amendments, implementation and data management requirements as regulatory change has impacted global capital markets participants over the past 10 years. This edition of the handbook includes new regulations and highlights some of the major regulatory interventions challenging...