As you know by now, the SAFE Act requires licensing and registration of all State-regulated mortgage loan originators (MLOs). Over the past year and a half, much focus has been on MLOs meeting new mandates and standards to become licensed, which included completing education, passing a SAFE Test, getting approved for a credit report, and passing a background check.
Another part of the SAFE Act requires the registration of mortgage loan originators employed by Agency-regulated institutions (also known as Federal registration). Employees of banks, savings associations, credit unions, or Farm credit System institutions, who act as residential mortgage loan originators must register with the NMLSR and obtain a unique identifier from the Registry. This initial registration period will run from January 31, 2011 through July 29, 2011.
Read the posted summary. You can also check out
steps to getting registered.