April 26, 2010
Mortgage Loan Registration Update
On June 9, 2009, the Federal agencies published a notice of proposed rulemaking to implement the registration requirements under the SAFE Act.
Following a review of the comments, a revised rule was prepared which was approved and posted on the FDIC’s website on November 12, 2009. You can access the rule at: http://www.fdic.gov/news/board/2009nov12no8.pdf. This draft of the final rule was posted to allow the industry to understand the requirements and transition while the agencies complete the final steps as required by the U.S. Government. This rule has not been officially published as “final.”
For banks concerned about complying with the law, the rule clearly states that institutions will be provided public notice when the system is available for registration. This notice will come sometime after the final rule is officially published. After the public notice is published, banks will have 180 days to transition on to the system. Additional information on the transition will be communicated after the final rule is published.
FAQs have been published on the FFIEC’s website: http://www.ffiec.gov/safeact.htm.
At this time, no action is required by banks or their mortgage loan originators.