On July 30, 2008, Congress enacted the SAFE Act, as part of the Housing and Economic Recovery Act of 2008. See 12 U.S.C. 5101-5116. The SAFE Act mandates the creation of a nationwide licensing and/or registration system for mortgage loan originators. Under the Act, all States must provide for a licensing regime for mortgage loan originators within one year of enactment (or two years for States whose legislatures meet biennially) and individuals employed by a State-regulated institution are prohibited from engaging in the business of residential mortgage loan origination without first obtaining and maintaining a license and registration and obtaining a unique identifier (State licensing). Further, NCUA and the federal banking agencies must promulgate rules governing registration of mortgage loan originators of the institutions they regulate.
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