SAFE Act Federal MLO Registration / Reg G

12 CFR Part 1007 (Regulation G)

Implements the S.A.F.E. Act's federal-registration requirement (12 CFR Part 1007, issued by the CFPB): each employee of a covered financial institution—any national bank, member bank, insured state nonmember bank, savings association, Farm Credit System institution, or federally insured credit union (and, under §1007.101, certain of their subsidiaries)—who acts as a residential mortgage loan originator must register with the Nationwide Mortgage Licensing System and Registry (NMLS), obtain a unique identifier, and keep that registration current, subject to a de minimis exception for those originating five or fewer loans in a 12-month period. Such employees are federally registered rather than state-licensed.