|Referenced Sources:||S.A.F.E. Act|
To the Chief Executive Officer of the Institution Addressed:
This letter serves as an important reminder for all Massachusetts state-chartered banks and any of their mortgage subsidiaries that are required to be federally registered. Please understand that, pursuant to the Secure and Fair Enforcement for Mortgage Licensing Act (the S.A.F.E. Act), all such entities as well as their designated employees must register with the Nationwide Mortgage Licensing System (NMLS). The deadline for such filing requirement is July 29, 2011. I am aware that many of you have already registered. Nevertheless, you may find the information below helpful.
As a bank or mortgage subsidiary, it is important that you choose the Federal Registration Section to input your data. Information erroneously submitted and processed on the Mortgage Licensing Section of NMLS will not satisfy the filing requirement for a bank or mortgage subsidiary. Furthermore, the fees will not be rebated.
There are a number of helpful tools available to assist you with the process. You are encouraged to access the NMLS Resource Center, which can be found at http://mortgage.nationwidelicensingsystem.org. This website is a valuable resource and provides detailed information on how to complete the registration process. Also, you can access the NMLS Call Center at (240)386-4444. By pressing option #2, you can be directed to the federal registration process. Finally, for further questions or information relative to the registration process, you are urged to contact your federal regulator since this is a federal law mandate.
If you have not yet completed the federal registration process, I urge you to begin as soon as possible to ensure that you meet the July 29 th deadline. If you already have registered, I suggest you have an authorized non-registered employee enter the NMLS system and independently review the information to verify its accuracy and to ensure that the registration was accepted by the NMLS.
You are further reminded that all mortgage loan originators for banks and any mortgage subsidiaries must also register individually as well.
Also note that there is no additional or separate state registration requirement, as only federal registration is necessary.
Should you have any questions relative to this matter, please contact Chief Director Alexis Leahy at (617)956-1545 or firstname.lastname@example.org.
David J. Cotney
Commissioner of Banks