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Electronic Code of Federal Regulations

e-CFR data is current as of February 21, 2020

Title 12Chapter XPart 1008 → Subpart C


Title 12: Banks and Banking
PART 1008—S.A.F.E. MORTGAGE LICENSING ACT—STATE COMPLIANCE AND BUREAU REGISTRATION SYSTEM (REGULATION H)


Subpart C—The Bureau's Loan Originator Licensing System and Nationwide Mortgage Licensing and Registry System


Contents
§1008.201   Scope of this subpart.
§1008.203   The Bureau's establishment of loan originator licensing system.
§1008.205   The Bureau's establishment of nationwide mortgage licensing system and registry.

§1008.201   Scope of this subpart.

The S.A.F.E. Act provides the Bureau with “backup authority” to establish a loan originator licensing system for any state that is determined by the Bureau not to be in compliance with the minimum standards of the S.A.F.E. Act. The provisions of this subpart become applicable to individuals in a state as provided in §1008.115(e). The S.A.F.E. Act also authorizes the Bureau to establish and maintain a nationwide mortgage licensing system and registry if the Bureau determines that the NMLSR is failing to meet the purposes and requirements of the S.A.F.E. Act for a comprehensive licensing, supervisory, and tracking system for loan originators.

§1008.203   The Bureau's establishment of loan originator licensing system.

If the Bureau determines, in accordance with §1008.115(e), that a state has not established a licensing and registration system in compliance with the minimum standards of the S.A.F.E. Act, the Bureau shall apply to individuals in that state the minimum standards of the S.A.F.E. Act, as specified in subpart B, which provides the minimum requirements that a state must meet to be in compliance with the S.A.F.E. Act, and as may be further specified in this part.

§1008.205   The Bureau's establishment of nationwide mortgage licensing system and registry.

If the Bureau determines that the NMLSR established by CSBS and AARMR does not meet the minimum requirements of subpart D of this part, the Bureau will establish and maintain a nationwide mortgage licensing system and registry.

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