Loan Originators

     WASHINGTON (CN) – The Federal Deposit Insurance Corporation and other federal agencies plan to require employees of financial institutions that act as home mortgage loan originators to register with the Nationwide Mortgage Licensing System and Registry to obtain a unique identifier, which will appear on every loan originated by that employee.

     The registry will include personal information on each employee including their financial employment history for the ten years before registration, all criminal and legal actions relating to financial services and personal financial information including any personal bankruptcy.
     In addition to the FDIC, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of Thrift Supervision, the Farm Credit Administration, and the National Credit Union Administration are coordinating their efforts to implement the registry under the Secure and Fair Enforcement for Mortgage Licensing Act.

%d bloggers like this: