Federally Supervised Banks Rush to Register with NMLSR as July 29 Deadline Looms; Low State Licensing Turnout in 1Q
July 28, 2011
Some federally regulated depository institutions are scrambling to meet a July 29 deadline to register with the Nationwide Mortgage Licensing System and Registry to avoid possible sanctions by the Consumer Financial Protection Bureau. Although the covered institutions have begun registering their mortgage loan originators as required by the Secure and Fair Enforcement for Mortgage Licensing Act, there is some confusion about other employees whose mortgage-related responsibilities are not as clear cut as those of MLOs, said compliance experts. Such employees include those who ...