The SAFE Act – Identifying MLOs and the Registration Process
The SAFE Act is the rule that keeps on giving. Final rules were released last summer requiring financial institutions to formulate policies and procedures. In the future employees of financial institutions that act as Mortgage Loan Originators, or MLOs, must register with a new system, the Nationwide Mortgage Licensing System and Registry, or NMLSR.
Registration will result in a unique identifier being assigned to each MLO employee. Now that we have the registration procedures, we'll discuss in-depth what needs to be done, and how to do it.
In addition to being more acronyms to remember, this means your institution must figure out who the selected employees are, and then have them register. But what does this all mean? Who exactly is an MLO? What types of job functions and duties trigger the responsibility to register?
The rules also require institutions to develop policies and procedures for SAFE Act compliance. This webinar will seek to answer all your questions about the SAFE Act, MLOs, the registration process, and those required policies and procedures.
- Who must register? Who is considered a Mortgage Loan Originator?
- What types of mortgages are we talking about here?
- What types of job functions and duties qualify a person as an MLO? What functions would not?
- What does it mean to "take a residential mortgage loan application," or to "offer or negotiate terms of a loan?" We'll talk about specific functions and examples
- What is the MLO registration process? How exactly does it work, and what do we do? What information must the employee and institution provide?
- What's the deal with fingerprints? And background checks? What must we do with that information?
- What must the policies and procedures say? We'll talk about specific requirements, and there are more than just a few
- Where must this MLO identifier appear? Pretty much everywhere, as we'll see
- What are the Dodd-Frank's impacts on the SAFE Act?
This webinar is dependent on whether we have the actual registration requirements for the MLO registry. If we have them (which we're supposed to, but don't know for sure), then we'll hold it on this date. If the new rules are delayed for some reason, we'll have to back up the webinar.
Who Should Attend?
Anyone in your institution that might qualify as an MLO, which includes basically anyone that deals with mortgage loans for starters. Each institution has their lending employees do different things, so it will be useful to hear the factors that may or may not qualify someone as an MLO.
Also, credit and product management, compliance officers, counsel, and human resources (since this will typically be the department to manage this process) will greatly benefit from this information.
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||Since 1983 Total Training Solutions has produced dozens of videotapes, CD-Roms, DVD's and web-based training modules. In addition to off-the-shelf products, Total Training Solutions also develops custom training products and consults with financial institutions to develop their own training curriculum.
For timely delivery of training topics, webinars or web conferencing is an unbeatable option. We now offer over 100 live programs per year and you can even purchase the recorded or ondemand session if you are unable to attend the live program.
We have worked exclusively with the financial industry since our founding. Because of this, we understand the needs of training departments in financial institutions and are alert to changes which affect the industry.
Attend the live session with the opportunity to ask questions to the presenter. You also receive a link to the handouts. All registrations for a live event will be given access to the OnDemand recording, at no additional cost, for seven days following the event. This will allow a flexible alternative when last minute conflicts intrude on scheduled events.
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