[Federal Register Volume 83, Number 89 (Tuesday, May 8, 2018)]
[Notices]
[Pages 20911-20912]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[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