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Monday, March 30, 2020
   
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Banking & Finance

FDIC Final Rule Released on Mortgages

The FDIC Board of Directors has approved its final rule on implementing the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act).

The SAFE Act improves the accountability and tracking of residential mortgage loan originators (MLOs), enhances consumer protection, reduces fraud and provides consumers with easily accessible information regarding the professional background of MLOs.

The rule will implement the requirements of Section 1507 of the SAFE Act and will apply to insured state non-member banks (including state-licensed insured branches of foreign banks), their subsidiaries and employees of such banks or subsidiaries who act as MLOs.

The rule requires employees of insured state non-member banks and their subsidiaries who act as MLOs to register with the Nationwide Mortgage Licensing System and Registry (NMLSR), and requires institutions and MLOs to provide certain information to the NMLSR, including MLO fingerprints (to run a criminal background check).

The goal of the rule is to improve the home-lending practices of banks, including better written policies and procedures for ensuring compliance with FDIC lending standards.

More information on lending practices is available on the FDIC’s Web site at www.fdic.gov.

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