Notice2024-17147
Agency Information Collection Activities: Information Collection Renewal; Submission for OMB Review; Registration of Mortgage Loan Originators
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
August 5, 2024
Issuing agencies
Treasury DepartmentComptroller of the Currency
Abstract
The OCC, as part of its continuing effort to reduce paperwork and respondent burden, invites comment on a continuing information collection, as required by the Paperwork Reduction Act of 1995 (PRA). In accordance with the requirements of the PRA, the OCC may not conduct or sponsor, and the respondent is not required to respond to, an information collection unless it displays a currently valid Office of Management and Budget (OMB) control number. The OCC is soliciting comment concerning the revision to its information collection titled, "Registration of Mortgage Loan Originators." The OCC also is giving notice that it has sent the collection to OMB for review.
Full Text
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<title>Federal Register, Volume 89 Issue 150 (Monday, August 5, 2024)</title>
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[Federal Register Volume 89, Number 150 (Monday, August 5, 2024)]
[Notices]
[Pages 63492-63494]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-17147]
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DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
Agency Information Collection Activities: Information Collection
Renewal; Submission for OMB Review; Registration of Mortgage Loan
Originators
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 comment on a continuing information
collection, as required by the Paperwork Reduction Act of 1995 (PRA).
In accordance with the requirements of the PRA, the OCC may not conduct
or sponsor, and the respondent is not required to respond to, an
information collection unless it displays a currently valid Office of
Management and Budget (OMB) control number. The OCC is soliciting
comment concerning the revision to its information collection titled,
``Registration of Mortgage Loan Originators.'' The OCC also is giving
notice that it has sent the collection to OMB for review.
DATES: Comments must be received by September 4, 2024.
ADDRESSES: Commenters are encouraged to submit comments by email, if
possible. You may submit comments by any of the following methods:
<bullet> Email: <a href="/cdn-cgi/l/email-protection#6a1a180b03040c052a050909441e180f0b19440d051c"><span class="__cf_email__" data-cfemail="60101201090e060f200f03034e14120501134e070f16">[email protected]</span></a>.
<bullet> Mail: Chief Counsel's Office, Attention: Comment
Processing, Office of the Comptroller of the Currency, Attention: 1557-
0243, 400 7th Street SW, Suite 3E-218, Washington, DC 20219.
<bullet> Hand Delivery/Courier: 400 7th Street SW, Suite 3E-218,
Washington, DC 20219.
<bullet> Fax: (571) 293-4835.
Instructions: You must include ``OCC'' as the agency name and
``1557-0243'' in your comment. In general, the OCC will publish
comments on <a href="http://www.reginfo.gov">www.reginfo.gov</a> without change, including any business or
personal information provided, such as name and address information,
email addresses, or phone numbers. Comments received, including
attachments and other supporting materials, are part of the public
record and subject to public disclosure. Do not include any information
in your comment or supporting materials that you consider confidential
or inappropriate for public disclosure.
Written comments and recommendations for the proposed
[[Page 63493]]
information collection should also be sent within 30 days of
publication of this notice to <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a>. You
can find this information collection by selecting ``Currently under 30-
day Review--Open for Public Comments'' or by using the search function.
You may review comments and other related materials that pertain to
this information collection following the close of the 30-day comment
period for this notice by the method set forth in the next bullet.
<bullet> Viewing Comments Electronically: Go to <a href="http://www.reginfo.gov">www.reginfo.gov</a>.
Hover over the ``Information Collection Review'' tab and click on
``Information Collection Review'' from the drop-down menu. From the
``Currently under Review'' drop-down menu, select ``Department of
Treasury'' and then click ``submit.'' This information collection can
be located by searching OMB control number ``1557-0243'' or
``Registration of Mortgage Loan Originators.'' Upon finding the
appropriate information collection, click on the related ``ICR
Reference Number.'' On the next screen, select ``View Supporting
Statement and Other Documents'' and then click on the link to any
comment listed at the bottom of the screen.
<bullet> For assistance in navigating <a href="http://www.reginfo.gov">www.reginfo.gov</a>, please
contact the Regulatory Information Service Center at (202) 482-7340.
FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, Clearance Officer,
(202) 649-5490, Chief Counsel's Office, Office of the Comptroller of
the Currency, 400 7th Street SW, Washington, DC 20219. If you are deaf,
hard of hearing, or have a speech disability, please dial 7-1-1 to
access telecommunications relay services.
SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501 et seq.),
Federal agencies must obtain approval from the OMB for each collection
of information that they conduct or sponsor. ``Collection of
information'' is defined in 44 U.S.C. 3502(3) and 5 CFR 1320.3(c) to
include agency requests or requirements that members of the public
submit reports, keep records, or provide information to a third party.
The OCC asks the OMB to extend its approval of the collection in this
notice.
Title: Registration of Mortgage Loan Originators.
OMB Control No.: 1557-0243.
Description: The Secure and Fair Enforcement for Mortgage Licensing
Act (the S.A.F.E. Act or Act) \1\ requires an employee of a Federally-
regulated bank, savings association, credit union, or farm credit
institution and their subsidiaries (collectively, institutions) who
engages in the business of a residential mortgage loan originator (MLO)
and does not qualify for the de minimis exception to register with the
Nationwide Mortgage Licensing System and Registry (Registry) and obtain
a unique identifier. Further, the S.A.F.E. Act provides that
institutions must require their employees who act as MLOs to comply
with the Act's registration requirements and obtain a unique
identifier. Institutions must also adopt and follow written policies
and procedures to ensure compliance with these requirements.
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\1\ The S.A.F.E. Act was enacted as part of the Housing and
Economic Recovery Act of 2008, Public Law 110-289, Division A, Title
V, sections 1501-1517, 122 Stat. 2654, 2810-2824 (July 30, 2008),
codified at 12 U.S.C. 5101-5116.
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Among other things, 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,
MLOs.
Along with the Board of Governors of the Federal Reserve System,
the Federal Deposit Insurance Corporation, the National Credit Union
Administration, and the Farm Credit Administration, the OCC issued a
final rule implementing the S.A.F.E. Act.\2\ The Dodd-Frank Wall Street
Reform and Consumer Protection Act (Dodd-Frank Act), Public Law 111-
203, later provided for the transfer of this rule to the Consumer
Financial Protection Bureau (CFPB), and the CFPB republished this rule
as 12 CFR part 1007.\3\ However, the OCC retains enforcement authority
for national banks, Federal savings associations, and Federal branches
and agencies of foreign banks with total assets of $10 billion or
less.\4\
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\2\ 75 FR 44656 (July 28, 2010), as corrected in 75 FR 51623
(Aug. 23, 2010).
\3\ 76 FR 78483 (Dec. 19, 2011).
\4\ See section 1025 of the Dodd-Frank Act, codified at 12
U.S.C. 5515.
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MLO Reporting Requirements
Except in situations where the de minimis exception applies, 12 CFR
1007.103 requires an employee of an institution who acts as an MLO to
register with the Registry, obtain a unique identifier, and maintain
and update such registration. This section also requires institutions
to require their MLO employees to comply with these requirements.
Section 1007.103(d) sets forth the categories of information that an
institution must require each MLO employee to submit to the Registry or
submit on the employee's behalf. This section also requires each MLO
employee to submit to the Registry an attestation as to the correctness
of the information submitted and an authorization for the Registry and
the employing institution to obtain certain additional information
related to the employee.
MLO Disclosure Requirement
Section 1007.105(b) requires MLOs to provide their unique
identifier to a consumer upon request, before acting as an MLO, and
through the originator's initial written communication with a consumer,
if any, whether on paper or electronically.
Financial Institution Reporting Requirements
Section 1007.103(e) specifies the institution-related and employee
information an institution must submit to the Registry in connection
with the initial registration of one or more MLOs and annually
thereafter. The institution also must update this information within 30
days of the date that this information becomes inaccurate. Employees of
the institution who submit information to the Registry on behalf of the
institution must verify their identity and attest that they have the
authority to enter data on behalf of the institution, that the
information submitted is correct, and that the covered financial
institution will keep the required information current and will file
accurate supplementary information on a timely basis.
Financial Institution Disclosure Requirements
Section 1007.105(a) requires the institution to make the unique
identifiers of its MLO employees available to consumers in a manner and
method practicable to the institution.
Financial Institution Recordkeeping Requirements
Section 1007.104 requires that an institution that employs one or
more MLOs to adopt and follow written policies and procedures to, at a
minimum, address certain specified areas related to MLO registration.
These policies must be appropriate to the nature, size and complexity
of the institution's mortgage lending activities and apply only to
those employees acting within the scope of their employment at the
institution.
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Type of Review: Regular.
Affected Public: Businesses or other for-profit.
Estimated Frequency of Response: On occasion.
Estimated Number of Respondents: 90,574.
Estimated Total Annual Burden: 40,671 hours.
Comments: On May 28, 2024, the OCC published a 60-day notice for
this information collection, (89 FR 46303). No comments were received.
Comments continue to be 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.
Eden M. Gray,
Assistant Director, Office of the Comptroller of the Currency.
[FR Doc. 2024-17147 Filed 8-2-24; 8:45 am]
BILLING CODE 4810-33-P
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