The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

US FDIC Proposes New Registration Requirements for Residential Mortgage Loan Originators

Share article

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.

Related content

WEBINAR

Upcoming Webinar: Entity identification and client lifecycle management – How financial institutions can drive $4 billion in cost savings

Date: 21 January 2021 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes A new model in Legal Entity Identifier (LEI) issuance has created significant opportunities for financial institutions to capitalise on their KYC and AML due diligence. By becoming Validation Agents and obtaining LEIs on behalf of their clients, financial institutions...

BLOG

A-Team Group Names Winners of Data Management Insight Awards 2020

A-Team Group has announced the winners of its prestigious Data Management Insight Awards 2020. The annual awards, now in their eighth year, recognise leading providers of data management solutions, services and consultancy to capital markets participants. The award winners were announced online across categories ranging from best sell-side and buy-side data management platforms to best...

EVENT

TradingTech Summit London

The TradingTech Summit in London brings together European senior-level decision makers in trading technology, electronic execution and trading architecture to discuss how firms can use high performance technologies to optimise trading in the new regulatory environment.

GUIDE

A-Team Group’s Valuations Vendor Directory 2009

An indispensable guide to valuations professionals seeking providers of services in the asset valuations market. A-Team Group’s latest release in its series of directories – available for FREE download – focuses on vendors of valuations data, models and analytics. But this is not just another list of firms with their telephone numbers – you can get that...