OCC Issues Examination Procedures for the SAFE Act

The Office of the Comptroller of the Currency (“OCC”) has issued examination procedures for the Secure and Fair Enforcement for Mortgage Licensing (“SAFE”) Act of 2008. On July 28, 2010, the federal regulatory agencies* issued regulations implementing the SAFE Act, and on July 21, 2011, the Dodd Frank Act transferred rulemaking authority for the SAFE Act to the Consumer Financial Protection Bureau (“CFPB”). In conjunction with taking over as the rulemaking authority for the SAFE Act, the CFPB issued examination procedures specific to the SAFE Act. The OCC’s examination procedures appear to closely model the CFPB’s examination procedures.

The OCC’s examination procedures focus on:

  • Maintaining adequate policies and procedures to ensure identification of those employees who would be considered Mortgage Loan Originators (“MLO”).
  • Complying with registration requirements.
  • Ongoing monitoring to ensure the accuracy of MLO employee registrations and renewals.
  • Annual independent testing for compliance with SAFE Act regulations.

The examination procedures further indicated that MLOs are required to include their unique identifier, provided by the Nationwide Mortgage Licensing System & Registry (“NMLS”), on all loan documents.

While the other federal regulatory agencies have not currently issued examination procedures, given that the OCC’s procedures are substantially the same as the CFPB’s examination procedures, it is likely that the other regulatory agencies will follow similar examination procedures. To view the OCC’s examination procedures visit this website.

To discuss how PYA can assist you in maintaining compliance with the SAFE Act and its annual independent testing requirement, contact the expert listed below at PYA, (800) 270-9629.

*Federal Reserve System, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency and National Credit Union Administration

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Mike Shamblin

Mike Shamblin

Managing Principal of Audit & Assurance Services

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