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SAFE Act webinar to cover registration regulations
WASHINGTON (11/30/10)—The Credit Union National Association (CUNA) will inform credit unions on registering for and complying with the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) during a Dec. 9 webinar. The “SAFE Act--Get Ready to Comply with the Registration Requirements” webinar, which will take place between 3 p.m. and 4:30 p.m. ET, aims to educate credit unions and their employees about the new registration process which is expected to begin on Jan. 28. Credit unions will hear from the Conference of State Bank Supervisors (CSBS) about its new registration procedures, and the National Credit Union Administration on regulatory requirements and examiner expectations. The SAFE Act requires credit union mortgage loan originators and their employing institutions to register with the CSBS' National Mortgage Licensing System & Registry (NMLS). Compliance with the SAFE Act’s registration requirement is required within 180 days after the agencies provide public notice that the NMLS is accepting initial registrations. The first step will be for the credit union itself to register in early 2011 and then its covered employees will individually register. Registration is expected to run until mid-2011. Once the system is up and running, credit unions will be required to ensure that their mortgage loan originators are properly registered and prohibit any employees who are not registered from performing any mortgage loan origination duties. Residential mortgage loans, including home equity loans, are covered by the SAFE registration rules. For more on the webinar, use the resource links.
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