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GAO-10-996R 1 (2010-08-13)

handle is hein.gao/gaobadxcb0001 and id is 1 raw text is: im T I IAccountability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 B-320282 August 13, 2010 The Honorable Christopher J. Dodd Chairman The Honorable Richard C. Shelby Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Barney Frank Chairman The Honorable Spencer Bachus Ranking Member Committee on Financial Services House of Representatives Subject: Department of the Treasury, Office of the Comptroller of the Currency: Registration of Mortgage Loan Originators Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Department of the Treasury, Office of the Comptroller of the Currency (OCC), entitled Registration of Mortgage Loan Originators (RIN: 1557-AD23). We received the rule on July 29, 2010. It was published in the Federal Registeras a final rule on July 28, 2010. 75 Fed. Reg. 44,656. The final rule implements provisions of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008, Pub. L. No. 110-289, 122 Stat. 2654, codified at 12 U.S.C. §§ 5101-5116. The final rule requires mortgage loan originators employed by national banks to register with the Nationwide Mortgage Licensing System and Registry and maintain their registration. The mortgage loan originators are also required to obtain a unique identifier through the Registry that will remain with that originator, regardless of changes in employment. The final rule requires mortgage loan originators (and national banks) to provide these unique identifiers to consumers in certain circumstances. The final rule requires national banks to adopt and follow written procedures to assure compliance with the registration requirements. The final rule is effective on October 1, 2010. GAO-10-996R

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