[Federal Register Volume 77, Number 51 (Thursday, March 15, 2012)]
[Notices]
[Pages 15456-15457]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-6298]


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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency


Agency Information Collection Activities: Proposed Information 
Collection; Comment Request

AGENCY: Office of the Comptroller of the Currency (OCC), Treasury.

ACTION: Notice and request for comment.

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SUMMARY: The OCC, as part of its continuing effort to reduce paperwork 
and respondent burden, invites the general public and other Federal 
agencies to take this opportunity to comment on a continuing 
information collection, as required by the Paperwork Reduction Act of 
1995. An agency may not conduct or sponsor, and a respondent is not 
required to respond to, an information collection unless it displays a 
currently valid OMB control number. The OCC is soliciting comment 
concerning its information collection titled, ``Registration of 
Mortgage Loan Originators.''

DATES: Comments must be received by May 14, 2012.

ADDRESSES: Communications Division, Office of the Comptroller of the 
Currency, Mailstop 2-3, Attention: 1557-0243, 250 E Street SW., 
Washington, DC 20219. In addition, comments may be sent by fax to (202) 
874-5274 or by electronic mail to <a href="/cdn-cgi/l/email-protection#4a382f2d3964292527272f243e390a252929643e382f2b39642d253c"><span class="__cf_email__" data-cfemail="d2a0b7b5a1fcb1bdbfbfb7bca6a192bdb1b1fca6a0b7b3a1fcb5bda4">[email protected]</span></a>. You may 
personally inspect and photocopy comments at the OCC, 250 E Street SW., 
Washington, DC 20219. For security reasons, the OCC requires that 
visitors make an appointment to inspect comments. You may do so by 
calling (202) 874-4700. Upon arrival, visitors will be required to 
present valid government-issued photo identification and to submit to 
security screening in order to inspect and photocopy comments.
    Additionally, please send a copy of your comments by mail to: OCC 
Desk Officer, 1557-0243, U.S. Office of Management and Budget, 725 17th 
Street NW., <greek-i>10235, Washington, DC 20503, or by fax to (202) 
395-6974.

FOR FURTHER INFORMATION CONTACT: You can request additional information 
or a copy of the collection from Mary H. Gottlieb, or Ira L. Mills, OCC 
Clearance Officers, (202) 874-5090, or (202) 874-6055, Legislative and 
Regulatory Activities Division, Office of the Comptroller of the 
Currency, 250 E Street SW., Washington, DC 20219.

[[Page 15457]]


SUPPLEMENTARY INFORMATION: The OCC is requesting extension of OMB 
approval for this collection. There have been no changes to the 
requirements of the regulations, however, they have been transferred to 
the Bureau of Consumer Financial Protection (CFPB) pursuant to title X 
of the Dodd-Frank Wall Street Reform and Consumer Protection Act, 
Public Law 111-203, 124 Stat. 1990, July 21, 2010 (Dodd-Frank Act), and 
republished as CFPB regulations (76 FR 78483 (December 19, 2011)). The 
burden estimates have been revised to remove the burden for OCC-
regulated institutions with over $10 billion in assets, now carried by 
CFPB pursuant to section 1025 of the Dodd-Frank Act, and to remove the 
initial start-up burden. The OCC retains enforcement authority for its 
institutions with $10 billion in assets or less.
    Title: Registration of Mortgage Loan Originators.
    OMB Number: 1557-0243.
    Description: The S.A.F.E. Act requires an employee of a bank, 
savings association, or credit union and their subsidiaries regulated 
by a Federal banking agency or an employee of an institution regulated 
by the FCA (Agency-regulated institutions) who engages in the business 
of a residential mortgage loan originator (MLO) to register with the 
Nationwide Mortgage Licensing System and Registry (Registry) and obtain 
a unique identifier. Agency-regulated institutions must require their 
employees who act as residential MLOs to comply with the Act's 
requirements to register and obtain a unique identifier and also adopt 
and follow written policies and procedures to assure compliance with 
these requirements.
    The Registry is intended to aggregate and improve the flow of 
information to and between regulators; provide increased accountability 
and tracking of mortgage loan originators; enhance consumer 
protections; reduce fraud in the residential mortgage loan origination 
process; and provide consumers with easily accessible information at no 
charge regarding the employment history of, and the publicly 
adjudicated disciplinary and enforcement actions against, mortgage loan 
originators.
    The Agencies jointly developed and maintain a system for 
registering MLOs employed by Agency-regulated institutions with the 
Registry. The Agencies, at a minimum, must furnish or cause to be 
furnished to the Registry information concerning the MLOs' identity, 
including: (1) Fingerprints for submission to the Federal Bureau of 
Investigation and any other relevant governmental agency for a State 
and national criminal background check; and (2) personal history and 
experience, including authorization for the Registry to obtain 
information related to any administrative, civil, or criminal findings 
by any governmental jurisdiction.

MLO Reporting Requirements

    Unless the de minimis exception or a different implementation 
period applies, 12 CFR 1007.103(a) requires an employee of an 
institution who is engaged in the business of a MLO to register with 
the Registry, maintain such registration, and obtain a unique 
identifier. Under Sec.  1007.103(b), an institution must require each 
such registration to be renewed annually and updated within 30 days of 
the occurrence of specified events. Section 1007.103(d) sets forth the 
categories of information that an employee, or the employing 
institution in the employee's behalf, must submit to the Registry, 
along with the employee's attestation as to the correctness of the 
information supplied, and an authorization to obtain further 
information.

MLO Disclosure Requirement

    Section 1007.105(b) requires the MLO to provide the unique 
identifier to a consumer upon request.

Financial Institution Reporting Requirements

    Section 1007.103(e) specifies the institution and employee 
information that an institution must submit to the Registry in 
connection with the initial registration of one or more MLOs, and 
thereafter update.

Financial Institution Disclosure Requirements

    Section 1007.105(a) requires the institution to make the unique 
identifier of MLO employees available to consumers in a manner and 
method practicable to the institution.

Financial Institution Recordkeeping Requirements

    <bullet> Section 1007.103(d)(1)(xii) requires the collection of MLO 
employee fingerprints.
    <bullet> Section 1007.104 requires that an institution employing 
MLOs to:
    [cir] Adopt and follow written policies and procedures, at a 
minimum addressing certain specified areas, but otherwise appropriate 
to the nature, size and complexity of their mortgage lending 
activities.
    [cir] Establish reasonable procedures and tracking systems for 
monitoring registration compliance.
    [cir] Establish a process for, and maintain records related to, 
employee criminal history background reports and actions taken with 
respect thereto.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals; Businesses or other for-profit.
    Estimated Number of Respondents: 36,003.
    Estimated Total Annual Burden: 31,053 hours.
    Comments submitted in response to this notice will be summarized, 
included in the request for OMB approval, and become a matter of public 
record. Comments are invited on:
    (a) Whether the collection of information is necessary for the 
proper performance of the functions of the OCC, including whether the 
information has practical utility;
    (b) The accuracy of the OCC's estimate of the burden of the 
collection of information;
    (c) Ways to enhance the quality, utility, and clarity of the 
information to be collected;
    (d) Ways to minimize the burden of the collection on respondents, 
including through the use of automated collection techniques or other 
forms of information technology; and
    (e) Estimates of capital or start-up costs and costs of operation, 
maintenance, and purchase of services to provide information.

    Dated: March 8, 2012.
Michele Meyer,
Assistant Director, Legislative and Regulatory Activities Division.
[FR Doc. 2012-6298 Filed 3-14-12; 8:45 am]
BILLING CODE 4810-33-P


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