Registration of Mortgage Loan Originators

Forms and Documents

Document Name	Status
RegG_CFPB_MLO_H8_20140310_83c.pdf Justification for No Material/Nonsubstantive Change	2014-03-10

IC Document Collections

IC ID	Document Title	Status
210637	MLOs (existing) Maintenance and disclosure (Section - .103(b))	New
190754	Depository Institutions, and subsidiaries (Sections: .103(e), .104, .105)	Modified
190753	MLOs - updates for changes (Section - .103(c)(2))	Modified
190752	MLO initial set up and disclosure (Section - .103(a)	Modified

ICR Details

OMB Control No: 7100-0328	ICR Reference No: 201403-7100-001
Status: Historical Active	Previous ICR Reference No: 200909-7100-012
Agency/Subagency: FRS	Agency Tracking No: CFPB Reg G (a.k.a. Reg H-8)
Title: Registration of Mortgage Loan Originators
Type of Information Collection: No material or nonsubstantive change to a currently approved collection	Common Form ICR:  No
Type of Review Request: Delegated
OIRA Conclusion Action: Approved without change	Conclusion Date: 07/29/2014
	Date Received in OIRA: 07/29/2014
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	07/31/2014	07/31/2014	07/31/2014
Responses	29,720	0	42,882
Time Burden (Hours)	109,972	0	933,957
Cost Burden (Dollars)	0	0	0

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Abstract: The CFPB's Regulation G requires employees of state member banks, certain subsidiaries of state member banks, branches and agencies of foreign banks that are regulated by the Federal Reserve, and commercial lending companies of foreign banks who act as residential mortgage loan originators (MLOs) to register with the Nationwide Mortgage Licensing System and Registry (NMLSR), obtain a unique identifier, maintain this registration, and disclose to consumers upon request and through the NMLSR their unique identifier, and the MLO's employment history and publicly adjudicated disciplinary and enforcement actions. The CFPB's regulation also requires the institutions employing these MLOs to adopt and follow written policies and procedures to ensure their employees comply with these requirements and to disclose the unique identifiers of their MLOs.

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Authorizing Statute(s): US Code: 12 USC 5103 and 5106 Name of Law: Secure and Fair Enforcement for Mortgage Licensing Act (the S.A.F.E. Act)
   US Code: 5 USC 552(b)(6) and 552(b)(8) Name of Law: Freedom of Information Act
  

Citations for New Statutory Requirements: None

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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: 4

IC Title	Form No.	Form Name
Depository Institutions, and subsidiaries (Sections: .103(e), .104, .105)
MLO initial set up and disclosure (Section - .103(a)
MLOs - updates for changes (Section - .103(c)(2))
MLOs (existing) Maintenance and disclosure (Section - .103(b))

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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	29,720	42,882	0	0	-13,162	0
Annual Time Burden (Hours)	109,972	933,957	0	0	-823,985	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: The decrease in burden hours reflects a decrease to the respondent count, an adjustment in agency estimate per response, and adjustment to include maintenance of program 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]? Yes

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: 07/29/2014

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