83 FR 20911 - 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 83, Issue 89 (May 8, 2018)

Page Range		20911-20912
FR Document		2018-09779

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 respondents are 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 83 Issue 89 (Tuesday, May 8, 2018)

[Federal Register Volume 83, Number 89 (Tuesday, May 8, 2018)]
[Notices]
[Pages 20911-20912]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-09779]


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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: 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 respondents are 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: June 7, 2018.

ADDRESSES: Commenters are encouraged to submit comments by email, if 
possible. You may submit comments by any of the following methods:
     Email: [email protected].
     Mail: Legislative and Regulatory Activities Division, 
Office of the Comptroller of the Currency, Attention: 1557-0243, 400 
7th Street SW, Suite 3E-218, Washington, DC 20219.
     Hand Delivery/Courier: 400 7th Street SW, Suite 3E-218, 
Washington, DC 20219.
     Fax: (571) 465-4326.
    Instructions: You must include ``OCC'' as the agency name and 
``1557-0243'' in your comment. In general, the OCC will publish them on 
www.reginfo.gov without change, including any business or personal 
information that you provide, 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.
    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 
[email protected].
    You may review comments and other related materials that pertain to 
this information collection \1\ following the close of the 30-Day 
comment period for this notice by any of the following methods:
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    \1\ On February 6, 2018, the OCC published a 60-Day notice for 
this information collection. The comments can be viewed on 
www.reginfo.gov. Please follow the instructions listed in this 
notice to view them.
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     Viewing Comments Electronically: Go to www.reginfo.gov. 
Click on the ``Information Collection Review'' tab. Underneath the 
``Currently under Review'' section heading, from the drop-down menu, 
select ``Department of Treasury'' and then click ``submit.'' This 
information collection can be located by searching by 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.
     For assistance in navigating www.reginfo.gov, please 
contact the Regulatory Information Service Center at (202) 482-7340.
     Viewing Comments Personally: You may personally inspect 
comments at the OCC, 400 7th Street SW, Washington, DC. For security 
reasons, the OCC requires that visitors make an appointment to inspect 
comments. You may do so by calling (202) 649-6700 or, for persons who 
are deaf or hearing impaired, TTY, (202) 649-5597. Upon arrival, 
visitors will be required to present valid government-issued photo 
identification and submit to security screening in order to inspect 
comments.

FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, OCC Clearance 
Officer, (202) 649-5490 or, for persons

[[Page 20912]]

who are deaf or hearing impaired, TTY, (202) 649-5597, Legislative and 
Regulatory Activities Division, Office of the Comptroller of the 
Currency, 400 7th Street SW, Suite 3E-218, Washington, DC 20219.

SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501-3520), 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 is 
requesting that OMB extend its approval of the following collection.
    Title: Registration of Mortgage Loan Originators.
    OMB Number: 1557-0243.
    Description: The Secure and Fair Enforcement for Mortgage Licensing 
Act (the S.A.F.E. Act) \2\ requires an employee of a bank, savings 
association, or credit union and their subsidiaries regulated by a 
federal banking agency or an employee of an institution regulated by 
the Farm Credit Administration (FCA) (collectively, 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. Institutions must require 
their employees who act as residential MLOs to comply with the Act's 
requirements to register and obtain a unique identifier and also adopt 
and follow written policies and procedures to assure compliance with 
these requirements.
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    \2\ 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, 
mortgage loan originators.
    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 SAFE Act.\3\ The Dodd-Frank Wall Street 
Reform and Consumer Protection Act (Dodd-Frank Act), Public Law 111-
203, later transferred this rule to the Consumer Financial Protection 
Bureau (CFPB) and the CFPB republished this rule as 12 CFR part 
1007.\4\ However, the OCC retains enforcement authority for this rule 
for national banks, federal savings associations and federal branches 
and agencies of foreign banks with total assets of $10 billion or 
less.\5\
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    \3\ 75 FR 44656 (July 28, 2010), as corrected in 75 FR 51623 
(Aug. 23, 2010).
    \4\ 76 FR 78487 (Dec. 19, 2011).
    \5\ 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 is engaged in the 
business of a MLO to register with the Registry, maintain and update 
such registration, and obtain a unique identifier. This section also 
requires an institution to require its MLO employees to comply with 
these requirements. Section 1007.103(d) sets forth the categories of 
information that an institution must require its employees to submit to 
the Registry or to submit on the employee's behalf. This section also 
requires the employee to submit to the Registry an attestation as to 
the correctness of the information submitted and an authorization for 
the Registry to obtain further information.

MLO Disclosure Requirement

    Section 1007.105(b) requires the MLO to provide the unique 
identifier to a consumer upon request, before acting as a mortgage loan 
originator, 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 and employee 
information that an institution must submit to the Registry in 
connection with the registration of one or more MLOs and annually 
thereafter. The institution also must update this information within 30 
days of it becoming inaccurate. Employees of the institution who submit 
information to the Registry on behalf of the institution also must 
verify their identity and attest to the accuracy of the information 
submitted.

 Financial Institution Disclosure Requirements

    Section 1007.105(a) requires the institution to make the unique 
identifier of 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 MLOs to 
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.
    Type of Review: Regular.
    Affected Public: Individuals; Businesses or other for-profit.
    Estimated Number of Respondents: 85,353.
    Estimated Total Annual Burden: 51,384 hours.
    The OCC issued a notice for 60 days of comment regarding this 
collection on February 6, 2018, 83 FR 5293. 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: May 2, 2018.
Karen Solomon,
Acting Senior Deputy Comptroller and Chief Counsel.
[FR Doc. 2018-09779 Filed 5-7-18; 8:45 am]
 BILLING CODE 4810-33-P

20912 Federal Register / Vol. 83, No. 89 / Tuesday, May 8, 2018 / Notices

who are deaf or hearing impaired, TTY, the SAFE Act.3 The Dodd-Frank Wall of MLO employees available to
(202) 649–5597, Legislative and Street Reform and Consumer Protection consumers in a manner and method
Regulatory Activities Division, Office of Act (Dodd-Frank Act), Public Law 111– practicable to the institution.
the Comptroller of the Currency, 400 7th 203, later transferred this rule to the
Financial Institution Recordkeeping
Street SW, Suite 3E–218, Washington, Consumer Financial Protection Bureau
Requirements
DC 20219. (CFPB) and the CFPB republished this
SUPPLEMENTARY INFORMATION: Under the rule as 12 CFR part 1007.4 However, the Section 1007.104 requires that an
PRA (44 U.S.C. 3501–3520), federal OCC retains enforcement authority for institution that employs MLOs to adopt
agencies must obtain approval from the this rule for national banks, federal and follow written policies and
OMB for each collection of information savings associations and federal procedures, at a minimum addressing
that they conduct or sponsor. branches and agencies of foreign banks certain specified areas, but otherwise
‘‘Collection of information’’ is defined with total assets of $10 billion or less.5 appropriate to the nature, size and
in 44 U.S.C. 3502(3) and 5 CFR complexity of their mortgage lending
MLO Reporting Requirements
1320.3(c) to include agency requests or activities.
Except in situations where the de Type of Review: Regular.
requirements that members of the public
minimis exception applies, 12 CFR Affected Public: Individuals;
submit reports, keep records, or provide
1007.103 requires an employee of an Businesses or other for-profit.
information to a third party. The OCC is
institution who is engaged in the Estimated Number of Respondents:
requesting that OMB extend its approval
business of a MLO to register with the 85,353.
of the following collection.
Registry, maintain and update such Estimated Total Annual Burden:
Title: Registration of Mortgage Loan
registration, and obtain a unique 51,384 hours.
Originators.
identifier. This section also requires an The OCC issued a notice for 60 days
OMB Number: 1557–0243.
institution to require its MLO of comment regarding this collection on
Description: The Secure and Fair
employees to comply with these February 6, 2018, 83 FR 5293. No
Enforcement for Mortgage Licensing Act
requirements. Section 1007.103(d) sets comments were received. Comments
(the S.A.F.E. Act) 2 requires an
forth the categories of information that continue to be invited on:
employee of a bank, savings association,
an institution must require its (a) Whether the collection of
or credit union and their subsidiaries
employees to submit to the Registry or information is necessary for the proper
regulated by a federal banking agency or
to submit on the employee’s behalf. This performance of the functions of the
an employee of an institution regulated
section also requires the employee to OCC, including whether the information
by the Farm Credit Administration submit to the Registry an attestation as
(FCA) (collectively, institutions) who has practical utility;
to the correctness of the information (b) The accuracy of the OCC’s
engages in the business of a residential submitted and an authorization for the
mortgage loan originator (MLO) to estimate of the burden of the collection
Registry to obtain further information. of information;
register with the Nationwide Mortgage
Licensing System and Registry MLO Disclosure Requirement (c) Ways to enhance the quality,
(Registry) and obtain a unique identifier. utility, and clarity of the information to
Section 1007.105(b) requires the MLO be collected;
Institutions must require their to provide the unique identifier to a
employees who act as residential MLOs (d) Ways to minimize the burden of
consumer upon request, before acting as the collection on respondents, including
to comply with the Act’s requirements a mortgage loan originator, and through
to register and obtain a unique identifier through the use of automated collection
the originator’s initial written techniques or other forms of information
and also adopt and follow written communication with a consumer, if any,
policies and procedures to assure technology; and
whether on paper or electronically. (e) Estimates of capital or start-up
compliance with these requirements.
Among other things, the Registry is Financial Institution Reporting costs and costs of operation,
intended to aggregate and improve the Requirements maintenance, and purchase of services
flow of information to and between Section 1007.103(e) specifies the to provide information.
regulators; provide increased institution and employee information Dated: May 2, 2018.
accountability and tracking of mortgage that an institution must submit to the Karen Solomon,
loan originators; enhance consumer Registry in connection with the Acting Senior Deputy Comptroller and Chief
protections; reduce fraud in the registration of one or more MLOs and Counsel.
residential mortgage loan origination annually thereafter. The institution also [FR Doc. 2018–09779 Filed 5–7–18; 8:45 am]
process; and provide consumers with must update this information within 30 BILLING CODE 4810–33–P
easily accessible information at no days of it becoming inaccurate.
charge regarding the employment Employees of the institution who
history of, and the publicly adjudicated submit information to the Registry on DEPARTMENT OF THE TREASURY
disciplinary and enforcement actions behalf of the institution also must verify
against, mortgage loan originators. their identity and attest to the accuracy Internal Revenue Service
Along with the Board of Governors of of the information submitted.
the Federal Reserve System, the Federal Open Meeting of the Taxpayer
Financial Institution Disclosure Advocacy Panel Toll-Free Phone Line
Deposit Insurance Corporation, the
Requirements Project Committee
National Credit Union Administration,
sradovich on DSK3GMQ082PROD with NOTICES

and the Farm Credit Administration, the Section 1007.105(a) requires the AGENCY: Internal Revenue Service (IRS),
OCC issued a final rule implementing institution to make the unique identifier Treasury.
2 The S.A.F.E. Act was enacted as part of the 3 75 FR 44656 (July 28, 2010), as corrected in 75 ACTION: Notice of meeting.
Housing and Economic Recovery Act of 2008, FR 51623 (Aug. 23, 2010).
Public Law 110–289, Division A, Title V, sections 4 76 FR 78487 (Dec. 19, 2011). SUMMARY: An open meeting of the
1501–1517, 122 Stat. 2654, 2810–2824 (July 30, 5 See section 1025 of the Dodd-Frank Act, Taxpayer Advocacy Panel Toll-Free
2008), codified at 12 U.S.C. 5101–5116. codified at 12 U.S.C. 5515. Phone Line Project Committee will be

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Document Created: 2018-05-08 01:31:45
Document Modified: 2018-05-08 01:31:45

Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
Dates		You should submit written comments by: June 7, 2018.
Contact		Shaquita Merritt, OCC Clearance Officer, (202) 649-5490 or, for persons who are deaf or hearing impaired, TTY, (202) 649-5597, Legislative and Regulatory Activities Division, Office of the Comptroller of the Currency, 400 7th Street SW, Suite 3E-218, Washington, DC 20219.
FR Citation		83 FR 20911

83 FR 20911 - Agency Information Collection Activities: Information Collection Renewal; Submission for OMB Review; Registration of Mortgage Loan Originators

DEPARTMENT OF THE TREASURYOffice of the Comptroller of the Currency

Federal Register Volume 83, Issue 89 (May 8, 2018)

DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency