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GAO-11-817R 1 (2011-07-14)

handle is hein.gao/gaobadxeu0001 and id is 1 raw text is: J GAO Accountability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 B-322183 July 14, 2011 The Honorable Tim Johnson Chairman The Honorable Richard C. Shelby Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Spencer Bachus Chairman The Honorable Barney Frank Ranking Member Committee on Financial Services House of Representatives Subject: Department of Housing and Urban Development: SAFE Mortgage Licensing Act: Minimum Licensing Standards and Oversight Responsibilities 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 Housing and Urban Development (HUD), entitled SAFE Mortgage Licensing Act: Minimum Licensing Standards and Oversight Responsibilities (RIN: 2502-AI70). We received the rule on June 30, 2011. It was published in the Federal Register as a final rule on June 30, 2011, with an effective date of August 29, 2011. 76 Fed. Reg. 38,464. The final rule sets forth the minimum standards for the state licensing and registration of residential mortgage loan originators, requirements for operating the Nationwide Mortgage Licensing System and Registry (NMLSR), and HUD's federal oversight responsibilities pursuant to the Secure and Fair Enforcement Mortgage Licensing Act of 2008 (SAFE Act or Act), to ensure proper monitoring and enforcement of states' compliance with statutory requirements. This 2008 law directs states to adopt loan originator licensing and registration requirements that meet the minimum standards specified in the SAFE Act. Enclosed is our assessment of HUD's compliance with the procedural steps required by section 801 (a)(1)(B)(i) through (iv) of title 5 with respect to the rule. Our review of GAO-1 1-817R

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