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Regulators launch national mortgage registry for loan originators

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Residential mortgage loan originators working for banks, thrifts, credit unions or Farm Credit System institutions must register with a Nationwide Mortgage Licensing System and Registry beginning this week. Under the Secure and Fair Enforcement for Mortgage Licensing Act, or SAFE Act, and the agencies' final rules, originators are required to register, obtain a unique identification number and maintain their status in the registry. The deadline to comply is July 29. Any employee who does not register will be prohibited from originating mortgages. The registration requirement began Monday. The rules provide an exception for originators who have written five or fewer loans in the last 12 months and have never registered. These employees do not have to register. Those who do, must maintain their status and refile annually between Nov. 1 and Dec. 31 of each year. Originators do not have to renew if registration was completed six months before the end of the year. Write to Jon Prior. Follow him on Twitter: @JonAPrior

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