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)

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, 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