The OCC, FRB, FDIC, OTS, and others (collectively, the Agencies) have adopted final rules to implement the Secure and Fair Enforcement for Mortgage Licensing Act (the S.A.F.E. Act). The rules are effective 30 days after publication in the Federal Register. Registration must be completed within 6 months of the date the Registry begins accepting registrations.

The S.A.F.E. Act:

• Enacted on July 30, 2008, mandates a nationwide licensing and registration system for mortgage loan originators. Specifically, the Act requires:
• All States to provide for a licensing regime for mortgage loan originators regulated by a State within one year of enactment (or two years for States whose legislatures meet biennially); and
• The Agencies to develop and maintain a system for registering mortgage loan originators employed by Agency-regulated institutions.
• Specifically prohibits an individual from engaging in the business of residential mortgage loan origination without first obtaining and maintaining annually:
• A registration as a registered mortgage loan originator and obtaining a unique identifier if employed by an Agency-regulated institution (Federal registration); or
• A license and registration as a state-licensed loan originator and obtaining a unique identifier.
• Requires that Federal registration and State licensing and registration must be accomplished through the same online registration system, the Nationwide Mortgage Licensing System and Registry (Registry).

The Agencies must ensure that the Registry is furnished with information concerning the mortgage loan originator's identity, including:
1) Fingerprints for submission to the Federal Bureau of Investigation (FBI) and any other relevant governmental agency for a State and national criminal history 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.

This monumental registration effort will impact loan officers and other lending personnel in every financial institution in the nation.

Upon completion of the seminar participants will understand:

• The requirements of the S.A.F.E. Act and the implementing regulations;
• What institutions are impacted by the new rules;
• Who must be registered;
• When registration must be completed;
• How to register;
• Fingerprinting and other data submission requirements
• The annual renewal of registration;
• The requirement for annual independent testing for compliance; and
• The policies and procedures that each financial institution is required to adopt.

Workshop Resources: This program covers the SAFE Act mortgage loan originator registration requirements. Program participants receive a detailed manual, accompanied by a 1 hour 33 minute video webcast.

Expected Audience:The program is designed for compliance personnel, lenders and management of financial institutions and their mortgage lending subsidiaries.

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Speaker: Jack Holzknecht, is a principal with Pegasus Educational Services, LLC, a training firm headquartered in Louisville, Kentucky. He is an experienced consultant who has provided training to thousands of bankers and examiners for twenty-eight years. He has the ability to identify the key compliance issues from each regulation. Jack's career began in 1976 as a federal bank examiner. He later headed the form and software and education divisions of a regional consulting company.

In that capacity he developed loan and deposit form systems and software. He also developed and presented training programs to bankers in 43 states. He developed and delivered compliance training for the FDIC and OTS for ten years. He is a Certified Regulatory Compliance Manager and a member of the National Speakers Association.

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