12 CFR §1007.103 — Registration of mortgage loan originators (SAFE Act)
Federal MLO registration requirement (SAFE Act, Federal-Registry side) for employees of "covered financial institutions" (banks, savings associations, credit unions, Farm Credit institutions, and their subsidiaries).
Verbatim regulatory text
Verbatim provisions from 12 CFR §1007.103 — Registration of mortgage loan originators (SAFE Act) — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.
12 CFR §1007.103(a)(1) — Employee registration
(a) Registration requirement —(1) Employee registration. Each employee of a covered financial institution who acts as a mortgage loan originator must register with the Registry, obtain a unique identifier , and maintain this registration in accordance with the requirements of this part. Any such employee who is not in compliance with the registration and unique identifier requirements set forth in this part is in violation of the S.A.F.E. Act and this part.
12 CFR §1007.103(a)(2) — Covered financial institution requirement
(2) Covered financial institution requirement —(i) In general. A covered financial institution that employs one or more individuals who act as a residential mortgage loan originator must require each such employee to register with the Registry, maintain this registration, and obtain a unique identifier in accordance with the requirements of this part.
12 CFR §1007.103(a)(2)(ii) — Prohibition on permitting unregistered MLOs to act
(ii) Prohibition. A covered financial institution must not permit an employee who is subject to the registration requirements of this part to act as a mortgage loan originator for the covered financial institution unless such employee is registered with the Registry pursuant to this part.
12 CFR §1007.103(b)(1) — Maintaining registration (annual renewal + 30-day update)
(1) A mortgage loan originator who is registered with the Registry pursuant to paragraph (a) of this section must:
12 CFR §1007.103(d)(1) — Required employee information submitted to the Registry
(d) Required employee information —(1) In general. For purposes of the registration required by this section, a covered financial institution must require each employee who is a mortgage loan originator to submit to the Registry, or must submit on behalf of the employee, the following categories of information, to the extent this information is collected by the Registry:
12 CFR §1007.103(e)(1) — Required covered financial institution information
(e) Required covered financial institution information. A covered financial institution must submit the following categories of information to the Registry:
12 CFR §1007.103(e)(2) — Employee employment confirmation and termination notice
(ii) Within 30 days of the date the registrant ceases to be an employee of the covered financial institution , notification that it no longer employs the registrant and the date the registrant ceased being an employee.
12 CFR §1007.103(b)(1) — Maintaining registration (annual renewal + 30-day update) — enumerated items (chapeau recall fix)
(i) Except as provided in paragraph (b)(3) of this section, renew the registration during the annual renewal period , confirming the responses set forth in paragraphs (d)(1)(i) through (viii) of this section remain accurate and complete, and updating this information, as appropriate; and (ii) Update the registration within 30 days of any of the following events: (A) A change in the name of the registrant; (B) The registrant ceases to be an employee of the covered financial institution ; or (C) The information required under paragraphs (d)(1)(iii) through (viii) of this section becomes inaccurate, incomplete, or out-of-date.
12 CFR §1007.103(d)(1) — Required employee information submitted to the Registry — enumerated items (chapeau recall fix)
(i) Identifying information, including the employee's: (A) Name and any other names used; (B) Home address and contact information; (C) Principal business location address and business contact information; (D) Social security number; (E) Gender; and (F) Date and place of birth; (ii) Financial services-related employment history for the 10 years prior to the date of registration or renewal, including the date the employee became an employee of the covered financial institution ; (iii) Convictions of any criminal offense involving dishonesty, breach of trust, or money laundering against the employee or organizations controlled by the employee, or agreements to enter into a pretrial diversion or similar program in connection with the prosecution for such offense(s); (iv) Civil judicial actions against the employee in connection with financial services-related activities, dismissals with settlements, or judicial findings that the employee violated financial services-related statutes or regulations, except for actions dismissed without a settlement agreement; (v) Actions or orders by a state or Federal regulatory agency or foreign financial regulatory authority that: (A) Found the employee to have made a false statement or omission or been dishonest, unfair or unethical; to have been involved in a violation of a financial services-related regulation or statute; or to have been a cause of a financial services-related business having its authorization to do business denied, suspended, revoked, or restricted; (B) Are entered against the employee in connection with a financial services-related activity; (C) Denied, suspended, or revoked the employee's registration or license to engage in a financial services-related activity; disciplined the employee or otherwise by order prevented the employee from associating with a financial services-related business or restricted the employee's activities;
12 CFR §1007.103(e)(1) — Required covered financial institution information — enumerated items (chapeau recall fix)
(1) Covered financial institution record.