Source: https://www.law.cornell.edu/cfr/text/12/365.103
Timestamp: 2015-07-31 07:44:21
Document Index: 351071942

Matched Legal Cases: ['art 365', 'art 365', '§ 1828', '§ 5101', '§ 5102', '§ 5103', '§ 5104', '§ 5105', '§ 5106', '§ 5107', '§ 5108', '§ 5109', '§ 5110', '§ 5111', '§ 5112', '§ 5113', '§ 5114', '§ 5115', '§ 5116']

12 CFR 365.103 - Registration of mortgage loan originators. | US Law | LII / Legal Information Institute
CFR › Title 12 › Chapter III › Subchapter B › Part 365 › Subpart B › Section 365.103 12 CFR 365.103 - Registration of mortgage loan originators.
Each employee of an insured State nonmember bank who acts as a mortgage loan originator must register with the Registry, obtain a unique identifier, and maintain this registration in accordance with the requirements of this subpart. Any such employee who is not in compliance with the registration and unique identifier requirements set forth in this subpart is in violation of the S.A.F.E. Act and this subpart.
Insured State nonmember bank requirement
An insured State nonmember bank that employs one or more individuals who act as a residential mortgage loan originator must require each such employee to register with the Registry, maintain this registration, and obtain a unique identifier in accordance with the requirements of this subpart.
An insured State nonmember bank must not permit an employee of the bank who is subject to the registration requirements of this subpart to act as a mortgage loan originator for the bank unless such employee is registered with the Registry pursuant to this subpart.
Implementation period for initial registration.
An employee of an insured State nonmember bank who is a mortgage loan originator must complete an initial registration with the Registry pursuant to this subpart within 180 days from the date that the FDIC provides in a public notice that the Registry is accepting registrations.
Employees previously registered or licensed through the Registry
If an employee of an insured State nonmember bank was registered or licensed through, and obtained a unique identifier from, the Registry and has maintained this registration or license before the employee becomes subject to this subpart at this bank, then the registration requirements of the S.A.F.E. Act and this subpart are deemed to be met, provided that:
The insured State nonmember bank information required in paragraphs (e)(1)(i) (to the extent the bank has not previously met these requirements) and (e)(2)(i) of this section is submitted to the Registry; and
Rule for certain acquisitions, mergers, or reorganizations.
When registered or licensed mortgage loan originators become insured State nonmember bank employees as a result of an acquisition, merger, or reorganization, only the requirements of paragraphs (a)(4)(i)(A), (C), and (D) of this section must be met, and these requirements must be met within 60 days from the effective date of the acquisition, merger, or reorganization.
A mortgage loan originator who is registered with the Registry pursuant to paragraph (a) of this section must:
The registrant ceases to be an employee of the insured State nonmember bank; or
A registration pursuant to paragraph (a)(1) of this section is effective on the date the Registry transmits notification to the registrant that the registrant is registered.
Renewals or updates.
A renewal or update pursuant to paragraph (b) of this section is effective on the date the Registry transmits notification to the registrant that the registration has been renewed or updated.
For purposes of the registration required by this section, an insured State nonmember bank must require each employee who is a mortgage loan originator to submit to the Registry, or must submit on behalf of the employee, the following categories of information to the extent this information is collected by the Registry:
Convictions of any criminal offense involving dishonesty, breach of trust, or money laundering against theemployee or organizations controlled by the employee, or agreements to enter into a pretrial diversion or similar program in connection with the prosecution for such offense(s);
Employee authorizations and attestation.
An employee registering as a mortgage loan originator or renewing or updating his or her registration under this subpart, and not the employing insured State nonmember bank or other employees of the insured State nonmember bank, must:
An insured State nonmember bank may identify one or more employees of the bank who may submit the information required by paragraph (d)(1) of this section to the Registry on behalf of the bank's employees provided that this individual, and any employee delegated such authority, does not act as a mortgage loan originator, consistent with paragraph (e)(1)(i)(F) of this section. In addition, an insured State nonmember bank may submit to the Registry some or all of the information required by paragraphs (d)(1) and (e)(2) of this section for multiple employees in bulk through batch processing in a format to be specified by the Registry, to the extent such batch processing is made available by the Registry.
Required bank information.
An insured State nonmember bank must submit the following categories of information to the Registry:
Bank record.
In connection with the registration of one or more mortgage loan originators:
If a subsidiary of an insured State nonmember bank, indication that it is a subsidiary and the RSSD number of the parent bank.
The individual(s) identified in paragraphs (e)(1)(i)(E) and (F) of this section must comply with Registry protocols to verify their identity and must attest that they have the authority to enter data on behalf of the insured State nonmember bank, that the information provided to the Registry pursuant to this paragraph (e) is correct, and that the insured State nonmember bank will keep the information required by this paragraph (e) current and will file accurate supplementary information on a timely basis.
An insured State nonmember bank must update the information required by this paragraph (e) of this section within 30 days of the date that this information becomes inaccurate.
An insured State nonmember bank must renew the information required by paragraph (e) of this section on an annual basis.
In connection with the registration of each employee who acts as a mortgage loan originator:
Title 12 published on 2015-01-01.No entries appear in the Federal Register after this date, for 12 CFR Part 365.
This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.United States CodeU.S. Code: Title 12 - BANKS AND BANKING§ 1828 - Regulations governing insured depository institutions§ 5101 - Purposes and methods for establishing a mortgage licensing system and registry§ 5102 - Definitions§ 5103 - License or registration required§ 5104 - State license and registration application and issuance§ 5105 - Standards for State license renewal§ 5106 - System of registration administration by Federal agencies§ 5107 - Bureau of Consumer Financial Protection backup authority to establish loan originator licensing system§ 5108 - Backup authority to establish a nationwide mortgage licensing and registry system§ 5109 - Fees§ 5110 - Background checks of loan originators§ 5111 - Confidentiality of information§ 5112 - Liability provisions§ 5113 - Enforcement by the Bureau§ 5114 - State examination authority§ 5115 - Reports and recommendations to Congress§ 5116 - Study and reports on defaults and foreclosures