Registration of Mortgage Loan Originators

Forms and Documents

Document Name	Status
SAFEACT.201007.omb.docx Supporting Statement A	2010-07-29

IC Document Collections

IC ID	Document Title	Status
190754	Depository Institutions	New
190753	MLOs - updates for changes	New
190752	MLO initial set up and disclosure	New

ICR Details

OMB Control No: 7100-0328	ICR Reference No: 200909-7100-012
Status: Historical Active	Previous ICR Reference No:
Agency/Subagency: FRS	Agency Tracking No: Reg H-8
Title: Registration of Mortgage Loan Originators
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Delegated
OIRA Conclusion Action: Approved without change	Conclusion Date: 07/29/2010
	Date Received in OIRA: 07/29/2010
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	07/31/2013	36 Months From Approved
Responses	42,882	0	0
Time Burden (Hours)	933,957	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: The information collection requires mortgage loan originators who are employees of Federal Reserve regulated institutions to register, obtain a unique identifier, and maintain their registration with the Nationwide Mortgage Licensing System and Registry. The information collection also requires Federal Reserve regulated institutions to (1) adopt and follow written policies and procedures to ensure compliance of employees and (2) disclose the unique identifiers of their employees.

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Authorizing Statute(s): US Code: 12 USC 5101-5116 Name of Law: Housing and Economic Recovery Act of 2008
  

Citations for New Statutory Requirements: US Code: 12 USC 5101-5116 Name of Law: Housing and Economic Recovery Act of 2008

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
7100-AD32	Final or interim final rulemaking	75 FR 44656	07/28/2010

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 3

IC Title	Form No.	Form Name
Depository Institutions
MLO initial set up and disclosure
MLOs - updates for changes

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	42,882	0	42,882	0	0	0
Annual Time Burden (Hours)	933,957	0	933,957	0	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: Increase in burden due to new statute requiring this information collection.

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 07/29/2010

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