83 FR 5293 - Agency Information Collection Activities: Information Collection Renewal; Comment Request; Registration of Mortgage Loan Originators

DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency

Federal Register Volume 83, Issue 25 (February 6, 2018)

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.''

[Federal Register Volume 83, Number 25 (Tuesday, February 6, 2018)]
[Notices]
[Pages 5293-5295]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-02305]


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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency


Agency Information Collection Activities: Information Collection 
Renewal; Comment Request; 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 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.''

DATES: You should submit written comments by: April 9, 2018.

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, 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 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

[[Page 5294]]

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.

FOR FURTHER INFORMATION 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.

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. Section 
3506(c)(2)(A) of title 44 requires federal agencies to provide a 60-day 
notice in the Federal Register concerning each proposed collection of 
information, including each proposed renewal of an existing collection 
of information, before submitting the collection to OMB for approval. 
To comply with this requirement, the OCC is publishing notice of the 
proposed renewal of information set forth in this document.
    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) \1\ 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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    \1\ The S.A.F.E. Act was enacted as part of the Housing and 
Economic Recovery Act of 2008, Pub. L. 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.\2\ 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.\3\ 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.\4\
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    \2\ 75 FR 44656 (July 28, 2010), as corrected in 75 FR 51623 
(Aug. 23, 2010).
    \3\ 76 FR 78487 (Dec. 19, 2011).
    \4\ 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: Extension of a currently approved collection.
    Affected Public: Individuals; Businesses or other for-profit.
    Estimated Number of Respondents: 85,353.
    Estimated Total Annual Burden: 51,384 hours.
    Comments submitted in response to this notice will be summarized, 
included in the request for OMB approval, and become a matter of public 
record. Comments are 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.


[[Page 5295]]


    Dated: January 31, 2018.
Karen Solomon,
Acting Senior Deputy Comptroller and Chief Counsel, Office of the 
Comptroller of the Currency.
[FR Doc. 2018-02305 Filed 2-5-18; 8:45 am]
 BILLING CODE 4810-33-P