80_FR_39326 80 FR 39196 - Agency Information Collection Activities: Information Collection Renewal; Submission for OMB Review; Registration of Mortgage Loan Originators

80 FR 39196 - Agency Information Collection Activities: Information Collection Renewal; Submission for OMB Review; Registration of Mortgage Loan Originators

DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency

Federal Register Volume 80, Issue 130 (July 8, 2015)

Page Range39196-39197
FR Document2015-16695

The OCC, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to 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 renewal of 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.

Federal Register, Volume 80 Issue 130 (Wednesday, July 8, 2015) 
[Federal Register Volume 80, Number 130 (Wednesday, July 8, 2015)]
[Notices]
[Pages 39196-39197]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-16695]


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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 the general public and other Federal 
agencies to take this opportunity to 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 renewal of 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: You should submit written comments by August 7, 2015.

ADDRESSES: Because paper mail in the Washington, DC area and at the OCC 
is subject to delay, commenters are encouraged to submit comments by 
email, if possible. Comments may be sent to: Legislative and Regulatory 
Activities Division, Office of the Comptroller of the Currency, 
Attention: 1557-0243, 400 7th Street SW., Suite 3E-218, Mail Stop 9W-
11, Washington, DC 20219. In addition, comments may be sent by fax to 
(571) 465-4326 or by electronic mail to [email protected]. You may 
personally inspect and photocopy comments at the OCC, 400 7th Street, 
SW., Washington, DC 20219. For security reasons, the OCC requires that 
visitors make an appointment to inspect comments. You may do so by 
calling (202) 649-6700. Upon arrival, visitors will be required to 
present valid government-issued photo identification and to submit to 
security screening in order to inspect and photocopy comments.
    All 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.
    Additionally, please send a copy of your comments by mail to: OCC 
Desk Officer, 1557-0243, U.S. Office of Management and Budget, 725 17th 
Street NW., #10235, Washington, DC 20503, or by email to: oira 
[email protected].

FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, (202) 649-5490, for 
persons who are deaf or hard of hearing, TTY, (202) 649-5597, 
Legislative and Regulatory Activities Division, Office of the 
Comptroller of the Currency, 400 7th Street SW., Washington, DC 20219.

SUPPLEMENTARY INFORMATION: The OCC is requesting extension of OMB 
approval for this collection. There have been no changes to the 
requirements of the regulations.
    Title: Registration of Mortgage Loan Originators.
    OMB Number: 1557-0243.
    Description: Among other things, the Secure and Fair Enforcement 
for Mortgage Licensing Act (S.A.F.E. Act), codified at 12 U.S.C. 5101- 
5116, requires an employee of a bank, savings association, or credit 
union or a

[[Page 39197]]

subsidiary thereof regulated by a Federal banking agency or an employee 
of an institution regulated by the Farm Credit Administration (FCA) 
(collectively, Agency-Regulated Institutions), who engages in the 
business of a residential mortgage loan originator (MLO), to register 
with the Nationwide Mortgage Licensing System and Registry (Registry) 
and obtain a unique identifier. Pursuant to implementing regulations 
set forth at 12 CFR part 1007, Agency-Regulated Institutions must 
require their employees who act as residential MLOs to comply with the 
requirements to register and obtain a unique identifier under the 
S.A.F.E. Act and must adopt and follow written policies and procedures 
to assure compliance with these requirements. In order to register, an 
MLO must provide to the Registry identifying information, including: 
(1) Fingerprints for submission to the Federal Bureau of Investigation 
and any other relevant governmental agency for a State and national 
criminal 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. The S.A.F.E. Act originally required the Federal banking 
agencies and the FCA to develop and maintain the Registry; however, the 
Dodd-Frank Act subsequently transferred that responsibility to the 
Consumer Financial Protection Bureau.
    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.

MLO Reporting Requirements

    Twelve CFR 1007.103(a) generally requires an MLO of an Agency-
Regulated Institution to register with the Registry, maintain such 
registration, and obtain a unique identifier. Under Sec.  1007.103(b), 
an Agency-Regulated Institution must require each such registration to 
be renewed annually and updated within 30 days of the occurrence of 
specified events. Section 1007.103(d) sets forth the categories of 
information that an employee, or the employing institution on the 
employee's behalf, must submit to the Registry, along with the 
employee's attestation as to the correctness of the information 
supplied and an authorization to obtain further information.

MLO Disclosure Requirement

    Section 1007.105(b) requires an MLO to provide the unique 
identifier to a consumer upon request.

Financial Institution Reporting Requirements

    Section 1007.103(e) specifies the institution and employee 
information that an institution must submit to the Registry in 
connection with the initial registration of one or more MLOs and 
thereafter update.

Financial Institution Disclosure Requirements

    Section 1007.105(a) requires the institution to make the unique 
identifier of MLOs available to consumers in a manner and method 
practicable to the institution.

Financial Institution Recordkeeping Requirements

     Section 1007.103(d)(1)(xii) requires the collection of MLO 
fingerprints.
     Section 1007.104 requires an institution employing MLOs 
to:
    [cir] Adopt and follow written policies and procedures, at a 
minimum addressing certain specified areas, but otherwise appropriate 
to the nature, size, and complexity of their mortgage lending 
activities;
    [cir] Establish reasonable procedures and tracking systems for 
monitoring registration compliance; and
    [cir] Establish a process for, and maintain records related to, 
employee criminal history background reports and actions taken with 
respect thereto.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals; Businesses or other for-profit.
    Estimated Number of Respondents: 65,027.
    Estimated Total Annual Burden: 44,899 hours.
    The OCC issued a 60-day Federal Register notice regarding the 
collection on February 26, 2015, (80 FR 10566). 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.

    Dated: July 1, 2015.
Mary H. Gottlieb,
Regulatory Specialist, Legislative and Regulatory Activities Division.
[FR Doc. 2015-16695 Filed 7-7-15; 8:45 am]
 BILLING CODE 4810-33-P

39196 Federal Register / Vol. 80, No. 130 / Wednesday, July 8, 2015 / Notices Title: Recordkeeping and Disclosure No comments were received. However, information collection titled, Provisions Associated with Stress the burden estimates in the 60-day ‘‘Registration of Mortgage Loan Testing Guidance. Federal Register notice were inaccurate Originators.’’ The OCC also is giving OMB Control No.: 1557–0312. and have been corrected. They have notice that it has sent the collection to Description: Each banking increased by 12 respondents and 3,120 OMB for review. organization should have the capacity to hours. Comments continue to be invited DATES: You should submit written understand its risks and the potential on: comments by August 7, 2015. impact of stressful events and (a) Whether the collections of ADDRESSES: Because paper mail in the circumstances on its financial information are necessary for the proper Washington, DC area and at the OCC is condition.1 On May 17, 2012, the OCC, performance of the OCC’s functions, subject to delay, commenters are along with the Federal Deposit including whether the information has encouraged to submit comments by Insurance Corporation (FDIC) and Board practical utility; email, if possible. Comments may be of Governors of the Federal Reserve (b) The accuracy of the OCC’s sent to: Legislative and Regulatory (FRB), published guidance on the use of estimates of the burden of the Activities Division, Office of the stress testing as a means to better information collections, including the Comptroller of the Currency, Attention: understand the range of a banking validity of the methodology and 1557–0243, 400 7th Street SW., Suite organization’s potential risk exposures.2 assumptions used; 3E–218, Mail Stop 9W–11, Washington, The OCC is now seeking to renew the (c) Ways to enhance the quality, DC 20219. In addition, comments may information collection associated with utility, and clarity of the information to be sent by fax to (571) 465–4326 or by that guidance. be collected; The guidance provides an overview of electronic mail to prainfo@occ.treas.gov. (d) Ways to minimize the burden of You may personally inspect and how a banking organization should information collections on respondents, structure its stress testing activities to photocopy comments at the OCC, 400 including through the use of automated 7th Street, SW., Washington, DC 20219. ensure they fit into the banking collection techniques or other forms of organization’s overall risk management For security reasons, the OCC requires information technology; and that visitors make an appointment to program. The purpose of the guidance is (e) Estimates of capital or start-up to outline broad principles for a inspect comments. You may do so by costs and costs of operation, satisfactory stress testing framework and calling (202) 649–6700. Upon arrival, maintenance, and purchase of services to describe the manner in which stress visitors will be required to present valid to provide information. testing should be used, that is as an government-issued photo identification Dated: July 1, 2015. and to submit to security screening in integral component of risk management applicable at various levels of Mary H. Gottlieb, order to inspect and photocopy aggregation within a banking Regulatory Specialist, Legislative and comments. Regulatory Activities Division. All comments received, including organization, as well as a tool for capital [FR Doc. 2015–16655 Filed 7–7–15; 8:45 am] attachments and other supporting and liquidity planning. While the BILLING CODE 4810–33–P materials, are part of the public record guidance is not intended to provide and subject to public disclosure. Do not detailed instructions for conducting include any information in your stress testing for any particular risk or DEPARTMENT OF THE TREASURY comment or supporting materials that business area, it does describe several you consider confidential or types of stress testing activities and how Office of the Comptroller of the inappropriate for public disclosure. they may be most appropriately used by Currency Additionally, please send a copy of banking organizations. The guidance your comments by mail to: OCC Desk also does not explicitly address the Agency Information Collection Officer, 1557–0243, U.S. Office of stress testing requirements imposed Activities: Information Collection Management and Budget, 725 17th upon certain companies by section Renewal; Submission for OMB Review; Street NW., #10235, Washington, DC 165(i) of the Dodd-Frank Wall Street Registration of Mortgage Loan 20503, or by email to: oira submission@ Reform and Consumer Protection Act Originators omb.eop.gov. (the Dodd-Frank Act).3 Type of Review: Regular. AGENCY: Office of the Comptroller of the FOR FURTHER INFORMATION CONTACT: Affected Public: Businesses or other Currency (OCC), Treasury. Shaquita Merritt, (202) 649–5490, for for-profit. ACTION: Notice and request for comment. persons who are deaf or hard of hearing, Estimated Number of Respondents: TTY, (202) 649–5597, Legislative and 62. SUMMARY: The OCC, as part of its Regulatory Activities Division, Office of Estimated annual burden: 16,120 continuing effort to reduce paperwork the Comptroller of the Currency, 400 7th hours. and respondent burden, invites the Street SW., Washington, DC 20219. On April 15, 2015, the OCC issued a general public and other Federal SUPPLEMENTARY INFORMATION: The OCC 60-day Federal Register notice agencies to take this opportunity to is requesting extension of OMB regarding the collection (80 FR 20290). comment on a continuing information approval for this collection. There have collection, as required by the Paperwork been no changes to the requirements of 1 For purposes of this guidance, the term Reduction Act of 1995 (PRA). the regulations. ‘‘banking organization’’ means national banks and In accordance with the requirements Title: Registration of Mortgage Loan Federal branches and agencies supervised by the of the PRA, the OCC may not conduct srobinson on DSK5SPTVN1PROD with NOTICES OCC; state member banks, bank holding companies, Originators. and all other institutions for which the FRB is the or sponsor, and the respondent is not OMB Number: 1557–0243. primary Federal supervisor; and state nonmember required to respond to, an information Description: Among other things, the insured banks and other institutions supervised by collection unless it displays a currently Secure and Fair Enforcement for the FDIC. 2 77 FR 29458 (May 17, 2012). valid Office of Management and Budget Mortgage Licensing Act (S.A.F.E. Act), 3 Public Law 111–203, 124 Stat. 1376. Section (OMB) control number. codified at 12 U.S.C. 5101- 5116, 165(i) of the Dodd-Frank Act is codified at 12 U.S.C. The OCC is soliciting comment requires an employee of a bank, savings 5365(i)(2). concerning the renewal of its association, or credit union or a VerDate Sep<11>2014 18:49 Jul 07, 2015 Jkt 235001 PO 00000 Frm 00147 Fmt 4703 Sfmt 4703 E:\FR\FM\08JYN1.SGM 08JYN1

Federal Register / Vol. 80, No. 130 / Wednesday, July 8, 2015 / Notices 39197 subsidiary thereof regulated by a along with the employee’s attestation as (d) Ways to minimize the burden of Federal banking agency or an employee to the correctness of the information the collection on respondents, including of an institution regulated by the Farm supplied and an authorization to obtain through the use of automated collection Credit Administration (FCA) further information. techniques or other forms of information (collectively, Agency-Regulated technology; and MLO Disclosure Requirement Institutions), who engages in the (e) Estimates of capital or start-up business of a residential mortgage loan Section 1007.105(b) requires an MLO costs and costs of operation, originator (MLO), to register with the to provide the unique identifier to a maintenance, and purchase of services Nationwide Mortgage Licensing System consumer upon request. to provide information. and Registry (Registry) and obtain a Financial Institution Reporting Dated: July 1, 2015. unique identifier. Pursuant to Requirements Mary H. Gottlieb, implementing regulations set forth at 12 Section 1007.103(e) specifies the Regulatory Specialist, Legislative and CFR part 1007, Agency-Regulated institution and employee information Regulatory Activities Division. Institutions must require their employees who act as residential MLOs that an institution must submit to the [FR Doc. 2015–16695 Filed 7–7–15; 8:45 am] to comply with the requirements to Registry in connection with the initial BILLING CODE 4810–33–P register and obtain a unique identifier registration of one or more MLOs and under the S.A.F.E. Act and must adopt thereafter update. DEPARTMENT OF THE TREASURY and follow written policies and Financial Institution Disclosure procedures to assure compliance with Requirements Office of the Secretary these requirements. In order to register, an MLO must provide to the Registry Section 1007.105(a) requires the institution to make the unique identifier List of Countries Requiring identifying information, including: (1) Cooperation With an International Fingerprints for submission to the of MLOs available to consumers in a manner and method practicable to the Boycott Federal Bureau of Investigation and any other relevant governmental agency for institution. In accordance with section 999(a)(3) a State and national criminal Financial Institution Recordkeeping of the Internal Revenue Code of 1986, background check; and (2) personal Requirements the Department of the Treasury is history and experience, including publishing a current list of countries • Section 1007.103(d)(1)(xii) requires which require or may require authorization for the Registry to obtain the collection of MLO fingerprints. information related to any participation in, or cooperation with, an • Section 1007.104 requires an international boycott (within the administrative, civil, or criminal institution employing MLOs to: findings by any governmental meaning of section 999(b)(3) of the Æ Adopt and follow written policies jurisdiction. The S.A.F.E. Act originally Internal Revenue Code of 1986). and procedures, at a minimum required the Federal banking agencies On the basis of the best information addressing certain specified areas, but and the FCA to develop and maintain currently available to the Department of otherwise appropriate to the nature, the Registry; however, the Dodd-Frank the Treasury, the following countries size, and complexity of their mortgage Act subsequently transferred that require or may require participation in, lending activities; responsibility to the Consumer or cooperation with, an international Æ Establish reasonable procedures Financial Protection Bureau. boycott (within the meaning of section and tracking systems for monitoring The Registry is intended to aggregate 999(b)(3) of the Internal Revenue Code registration compliance; and and improve the flow of information to Æ Establish a process for, and of 1986). and between regulators; provide maintain records related to, employee Iraq increased accountability and tracking of criminal history background reports and Kuwait mortgage loan originators; enhance actions taken with respect thereto. Lebanon consumer protections; reduce fraud in Type of Review: Extension of a Libya the residential mortgage loan origination currently approved collection. Qatar process; and provide consumers with Affected Public: Individuals; Saudi Arabia easily accessible information at no Businesses or other for-profit. Syria charge regarding the employment Estimated Number of Respondents: United Arab Emirates history of, and the publicly adjudicated 65,027. Yemen disciplinary and enforcement actions Estimated Total Annual Burden: Dated: July 1, 2015. against, MLOs. 44,899 hours. Danielle Rolfes, The OCC issued a 60-day Federal International Tax Counsel. (Tax Policy). MLO Reporting Requirements Register notice regarding the collection [FR Doc. 2015–16681 Filed 7–7–15; 8:45 am] Twelve CFR 1007.103(a) generally on February 26, 2015, (80 FR 10566). No BILLING CODE 4810–25–P requires an MLO of an Agency- comments were received. Comments Regulated Institution to register with the continue to be invited on: Registry, maintain such registration, and (a) Whether the collection of obtain a unique identifier. Under information is necessary for the proper DEPARTMENT OF VETERANS § 1007.103(b), an Agency-Regulated performance of the functions of the AFFAIRS Institution must require each such srobinson on DSK5SPTVN1PROD with NOTICES OCC, including whether the information Solicitation of Nominations for registration to be renewed annually and has practical utility; updated within 30 days of the Appointment to the Advisory (b) The accuracy of the OCC’s occurrence of specified events. Section Committee on Disability Compensation estimate of the burden of the collection 1007.103(d) sets forth the categories of of information; ACTION: Notice. information that an employee, or the (c) Ways to enhance the quality, employing institution on the employee’s utility, and clarity of the information to SUMMARY: The Department of Veterans behalf, must submit to the Registry, be collected; Affairs (VA), Veterans Benefits VerDate Sep<11>2014 18:49 Jul 07, 2015 Jkt 235001 PO 00000 Frm 00148 Fmt 4703 Sfmt 4703 E:\FR\FM\08JYN1.SGM 08JYN1


Document Created: 2018-02-23 09:12:56
Document Modified: 2018-02-23 09:12:56
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
ActionNotice and request for comment.
DatesYou should submit written comments by August 7, 2015.
ContactShaquita Merritt, (202) 649-5490, for persons who are deaf or hard of hearing, TTY, (202) 649-5597, Legislative and Regulatory Activities Division, Office of the Comptroller of the Currency, 400 7th Street SW., Washington, DC 20219.
FR Citation80 FR 39196 
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