Nationwide Mortgage Licensing System & Registry
Pursuant to Section 1100 of Title X of the Act, authority for the creation and maintenance of a national registration system for residential mortgage loan originators (“MLOs”), as required by Section 1507 of the Secure and Fair Enforcement for Mortgage Licensing Act, 12 U.S.C 5106 (the “S.A.F.E. Act”), was transferred to the Bureau by an amendment to the S.A.F.E. Act.
This national registration system, known as the Nationwide Mortgage Licensing System and Registry (“NMLSR” or the “Federal Registry”), allows MLOs employed by federal agency regulated institutions to register and submit required information about themselves and their backgrounds as required under Section 1507 of the S.A.F.E. Act, 12 U.S.C. 5106, or its implementing regulation, 12 CFR 1007. Get more information about this system at the Nationwide Multistate Licensing System site .
Who is covered? Individuals covered by this system include: MLOs that are required to be registered; users who are designated to perform administrative functions on behalf of the covered financial institution; employees designated as primary contacts for Federal agency regulated institutions; and Bureau employees, contractors, or others, or authorized Federal users.
What information is collected? This system collects information about MLO’s and their backgrounds as required under Section 1507 of the S.A.F.E. Act, 12. Generally, this includes their name, contact information, information about their current and past employment in the mortgage industry, and information about any past civil or criminal actions taken against them. The system also collects some information about individuals who work at the MLO’s employer who act as points of contact for that employer.
Why is the information collected? The information is maintained to support federal regulatory oversight while providing the public with access to certain information concerning MLOs, including names and employment histories of those MLOs. This notice only covers the federal records in the system – not records collected by state regulators.
System of Records Notice
History for this System of Records Notice
91 FR 1755; 77 FR 35359; 83 FR 23435