Agency Information Collection Activities: Submission for OMB Review; Comment Request (OMB No. 3064-0171)
The FDIC, as part of its obligations under the Paperwork Reduction Act of 1995, invites the general public and other Federal agencies to take this opportunity to comment on the ...
The FDIC, as part of its obligations under the Paperwork Reduction Act of 1995, invites the general public and other Federal agencies to take this opportunity to comment on the renewal of the existing information collection described below (Control Number 3064-0171). On November 2, 2018, the FDIC requested comment for 60 days on a proposal to renew this information collection. No comments were received. On February
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5, 2019, the FDIC requested comment for 30 days on a proposal to renew this information collection. Since that time, the FDIC has received updated information on the number of respondents and as a result, has decided to publish an additional 30-day notice that contains the updated information. The FDIC hereby gives notice of its plan to submit to OMB a request to approve the renewal of this collection, and again invites comment on its renewal.
DATES:
Comments must be submitted on or before April 8, 2019.
ADDRESSES:
Interested parties are invited to submit written comments to the FDIC by any of the following methods:
Email: comments@fdic.gov. Include the name and number of the collection in the subject line of the message.
Mail:
Jennifer Jones (202-898-6768), Counsel, MB-3105, Federal Deposit Insurance Corporation, 550 17th Street NW, Washington, DC 20429.
Hand Delivery:
Comments may be hand-delivered to the guard station at the rear of the 17th Street Building (located on F Street), on business days between 7:00 a.m. and 5:00 p.m.
All comments should refer to the relevant OMB control number. A copy of the comments may also be submitted to the OMB desk officer for the FDIC: Office of Information and Regulatory Affairs, Office of Management and Budget, New Executive Office Building, Washington, DC 20503.
FOR FURTHER INFORMATION CONTACT:
Jennifer Jones, Counsel, 202-898-6768,
jennjones@fdic.gov,
MB-3105, Federal Deposit Insurance Corporation, 550 17th Street NW, Washington, DC 20429.
SUPPLEMENTARY INFORMATION:
On November 2, 2018, the FDIC requested comment for 60 days on a proposal to renew the information collection described below.[1]
No comments were received. On February 5, 2019, the FDIC requested comment for 30 days on a proposal to renew the information collection described below.[2]
Since that time, the FDIC has received updated information on the number of respondents and as a result, has decided to publish an additional 30-day notice that contains the updated information. The FDIC hereby gives notice of its plan to submit to OMB a request to approve the renewal of this collection, and again invites comment on the renewal.
Proposal to renew the following currently approved collection of information:
1.
Title:
Registration of Mortgage Loan Originators (SAFE Act).
OMB Number:
3064-0171.
Form Number:
None.
Affected Public:
FDIC Supervised Institutions and Employee Mortgage Loan Originators.
Burden Estimate:
Summary of Annual Burden
Information collection (IC)
description
Type of burden
Obligation to
respond
Estimated
number of
respondents
Estimated
frequency of
responses
Estimated
time per
response
Frequency of
response
Total annual
estimated
burden
(hours)
Financial Institution Policies and Procedures for Ensuring Employee-Mortgage Loan Originator Compliance With S.A.F.E. Act Requirements
Recordkeeping
Mandatory
3,434
1
20.00
On occasion
68,680.00
Financial Institution Procedures to Track and Monitor Compliance with S.A.F.E. Act Compliance
Recordkeeping
Mandatory
3,434
1
60.00
On occasion
206,040.00
Financial Institution Procedures for the Collection and Maintenance of Employee Mortgage Loan Originator's Criminal History Background Reports
Recordkeeping
Mandatory
3,434
1
20.00
On occasion
68,680.00
Financial Institution Procedures for Public Disclosure of Mortgage Loan Originator's Unique Identifier
Third Party Disclosure
Mandatory
3,434
1
25.00
On occasion
85,850.00
Financial Institution Information Reporting to Registry
Reporting
Mandatory
3,434
1
0.25
On occasion
858.50
Mortgage Loan Originator Initial Registration Reporting and Authorization Requirements
Reporting
Mandatory
14,058
1
0.25
On occasion
3,514.50
Mortgage Loan Originator Annual Renewal Registration Reporting and Authorization Requirements
Reporting
Mandatory
76,157
1
0.25
On occasion
19,039.25
Mortgage Loan Originator Registration Updates Upon Change in Circumstances
Reporting
Mandatory
76,157
1
0.25
On occasion
19,039.25
Financial Institution Procedures for the Collection of Employee Mortgage Loan Originator's Fingerprints
Recordkeeping
Mandatory
3,434
1
4.00
On occasion
13,736.00
Mortgage Loan Originator Procedures for Disclosure to Consumers of Unique Identifier
Third Party Disclosure
Mandatory
90,215
1
1.00
On occasion
90,215.00
Total Hourly Burden
575,652.50
General Description of Collection:
This information collection implements the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) requirement that employees of Federally-regulated institutions who engage in the business of a mortgage loan originator to register with the Nationwide Mortgage Licensing System and Registry and establishes national licensing and registration requirements. It also directs Federally-regulated
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institutions to have written policies and procedures in place to ensure that their employees who perform mortgage loan originations comply with the registration and other SAFE Act requirements.
There is no change in the method or substance of the collection. The overall reduction in burden hours is the result of economic fluctuation. In particular, the number of respondents has decreased while the hours per response and frequency of responses have remained the same.
www.FDIC.gov/regulations/laws/federal