MBA Comments on SAFE Act Implementation

In a comment letter filed yesterday, MBA recommended a number of changes to the banking regulatory agencies’ proposed rule implementing the mortgage loan originator registration provisions of the federal Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act). The Association urged the regulators to make changes to the proposed rule that would lessen the regulatory burden on depository institutions and their employees that must comply with the new requirements.

Specifically, our letter asks that the current de minimis exemption be expanded to cover more bank personnel, that individuals engaged in loan modifications not be required to register, and that additional work should be done by the regulatory agencies to address some of the practical and technical issues that remain with the proposed registration process.

A copy of our letter is available in the “Members Only” section of our web site: www.massbankers.org.