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12 U.S.C. § 5101 — Purposes and methods for establishing a mortgage licensing system and registry
Federal law — U.S. Code and appendices · legal_authorities
In order to increase uniformity, reduce regulatory burden, enhance consumer protection, and reduce fraud, the States, through the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators, are hereby encouraged to establish a Nationwide Mortgage Licensing System and Registry for the residential mortgage industry that accomplishes all of the following objectives:
(1) Provides uniform license applications and reporting requirements for State-licensed loan originators.
(2) Provides a comprehensive licensing and supervisory database.
(3) Aggregates and improves the flow of information to and between regulators.
(4) Provides increased accountability and tracking of loan originators.
(5) Streamlines the licensing process and reduces the regulatory burden.
(6) Enhances consumer protections and supports anti-fraud measures.
(7) Provides consumers with easily accessible information, offered at no charge, utilizing electronic media, including the Internet, regarding the employment history of, and publicly adjudicated disciplinary and enforcement actions against, loan originators.
(8) Establishes a means by which residential mortgage loan originators would, to the greatest extent possible, be required to act in the best interests of the consumer.
(9) Facilitates responsible behavior in the subprime mortgage market place and provides comprehensive training and examination requirements related to subprime mortgage lending.
(10) Facilitates the collection and disbursement of consumer complaints on behalf of State and Federal mortgage regulators.
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Source file: Laws/federal/codes/united-states-code/title-12/section-5101-purposes-and-methods-for-establishing-a-mortgage-licensing-system-and-re--7d335e44a3.md
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Source location: Title 12, Chapter 51, § 5101; chapter-051-secure-and-fair-enforcement-for-mortgage-licensing.md
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In order to increase uniformity, reduce regulatory burden, enhance consumer protection, and reduce fraud, the States, through the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators, are hereby encouraged to establish a Nationwide Mortgage Licensing System and Registry for the residential mortgage industry that accomplishes all of the following objectives:
(1) Provides uniform license applications and reporting requirements for State-licensed loan originators.
(2) Provides a comprehensive licensing and supervisory database.
(3) Aggregates and improves the flow of information to and between regulators.
(4) Provides increased accountability and tracking of loan originators.
(5) Streamlines the licensing process and reduces the regulatory burden.
(6) Enhances consumer protections and supports anti-fraud measures.
(7) Provides consumers with easily accessible information, offered at no charge, utilizing electronic media, including the Internet, regarding the employment history of, and publicly adjudicated disciplinary and enforcement actions against, loan originators.
(8) Establishes a means by which residential mortgage loan originators would, to the greatest extent possible, be required to act in the best interests of the consumer.
(9) Facilitates responsible behavior in the subprime mortgage market place and provides comprehensive training and examination requirements related to subprime mortgage lending.
(10) Facilitates the collection and disbursement of consumer complaints on behalf of State and Federal mortgage regulators.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Access to records** Notwithstanding any other provision of law, in providing identification and processing functions, the Attorney General shall provide access to all criminal history information to the appropriate State officials responsible for regulating State-licensed loan originators and other financial service providers to the extent criminal history background checks are required under the laws of the State for the licensing of such loan originators or other financial service providers.
**(b) Agent** For the purposes of this section and in order to reduce the points of contact which the Federal Bureau of Investigation may have to maintain for purposes of subsection (a), the Conference of State Bank Supervisors or a wholly owned subsidiary may be used as a channeling agent of the States for requesting and distributing information between the Department of Justice and the appropriate State agencies .
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5110
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Mutual Mortgage Insurance Fund**
(1) **Establishment** — Subject to the provisions of the Federal Credit Reform Act of 1990 [[2 U.S.C. 661](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title2-section661&num=0&edition=prelim) et seq.], there is hereby created a Mutual Mortgage Insurance Fund (in this subchapter referred to as the “Fund”), which shall be used by the Secretary to carry out the provisions of this subchapter with respect to mortgages insured under [section 1709 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1709&num=0&edition=prelim). The Secretary may enter into commitments to guarantee, and may guarantee, such insured mortgages.
(2) **Limit on loan guarantees** — The authority of the Secretary to enter into commitments to guarantee such insured mortgages shall be effective for any fiscal year only to the extent that the aggregate original principal loan amount under such mortgages, any part of which is guaranteed, does not exceed the amount specified in appropriations Acts for such fiscal year.
(3) **Fiduciary responsibility** — The Secretary has a responsibility to ensure that the Mutual Mortgage Insurance Fund remains financially sound.
(4) **Annual independent actuarial study** — The Secretary shall provide for an independent actuarial study of the Fund to be conducted annually, which shall analyze the financial position of the Fund. The Secretary shall submit a report annually to the Congress describing the results of such study and assessing the financial status of the Fund. The report shall recommend adjustments to underwriting standards, program participation, or premiums, if necessary, to ensure that the Fund remains financially sound. The report shall also include an evaluation
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1715z–21
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Notification** Upon the occurrence of any action described in subsection (b), an approved mortgagee shall immediately submit to the Secretary, in writing, notification of such occurrence.
**(b) Actions** The actions described in this subsection are as follows:
(1) The debarment, suspension or a Limited Denial of Participation (LDP), or application of other sanctions, other exclusions, fines, or penalties applied to the mortgagee or to any officer, partner, director, principal, manager, supervisor, loan processor, loan underwriter, or loan originator of the mortgagee pursuant to applicable provisions of State or Federal law.
(2) The revocation of a State-issued mortgage loan originator license issued pursuant to the S.A.F.E. Mortgage Licensing Act of 2008 ([12 U.S.C. 5101](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5101&num=0&edition=prelim) et seq.) or any other similar declaration of ineligibility pursuant to State law.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1750a–1
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Federal law — U.S. Code and appendices · legal_authorities
Except as otherwise provided in this title,11 See References in Text note below. for purposes of this title,1 the following definitions shall apply:
(1) **Affiliate** — The term “affiliate” means any person that controls, is controlled by, or is under common control with another person.
(2) **Bureau** — The term “Bureau” means the Bureau of Consumer Financial Protection.
(3) **Business of insurance** — The term “business of insurance” means the writing of insurance or the reinsuring of risks by an insurer, including all acts necessary to such writing or reinsuring and the activities relating to the writing of insurance or the reinsuring of risks conducted by persons who act as, or are, officers, directors, agents, or employees of insurers or who are other persons authorized to act on behalf of such persons.
(4) **Consumer** — The term “consumer” means an individual or an agent, trustee, or representative acting on behalf of an individual.
(5) **Consumer financial product or service** — The term “consumer financial product or service” means any financial product or service that is described in one or more categories under—
(A) paragraph (15) and is offered or provided for use by consumers primarily for personal, family, or household purposes; or
(B) clause (i), (iii), (ix), or (x) of paragraph (15)(A), and is delivered, offered, or provided in connection with a consumer financial product or service referred to in subparagraph (A).
(6) **Covered person** — The term “covered person” means—
(A) any person that engages in offering or providing a consumer financial product or service; and
(B) any affiliate of a person described in subparagraph (A) if such affiliate acts as a service provider to such person.
(7) **Credit** — The term “credit” means the right
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5494
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Defined terms** For purposes of this part—
(1) the term “consumer financial protection functions” means—
(A) all authority to prescribe rules or issue orders or guidelines pursuant to any Federal consumer financial law, including performing appropriate functions to promulgate and review such rules, orders, and guidelines; and
(B) the examination authority described in subsection (c)(1), with respect to a person described in [section 5515(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5515/a&num=0&edition=prelim); and
(2) the terms “transferor agency” and “transferor agencies” mean, respectively—
(A) the Board of Governors (and any Federal reserve bank, as the context requires), the Federal Deposit Insurance Corporation, the Federal Trade Commission, the National Credit Union Administration, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the Department of Housing and Urban Development, and the heads of those agencies; and
(B) the agencies listed in subparagraph (A), collectively.
**(b) In general** Except as provided in subsection (c), consumer financial protection functions are transferred as follows:
(1) **Board of Governors**
(A) *Transfer of functions* — All consumer financial protection functions of the Board of Governors are transferred to the Bureau.
(B) *Board of Governors authority* — The Bureau shall have all powers and duties that were vested in the Board of Governors, relating to consumer financial protection functions, on the day before the designated transfer date.
(2) **Comptroller of the Currency**
(A) *Transfer of functions* — All consumer financial protection functions of the Comptroller of the Currency are transferred to the Bureau.
(
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5585
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Board of Governors**
(1) **Existing rights, duties, and obligations not affected** — [Section 5581(b)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5581/b/1&num=0&edition=prelim) does not affect the validity of any right, duty, or obligation of the United States, the Board of Governors (or any Federal reserve bank), or any other person that—
(A) arises under any provision of law relating to any consumer financial protection function of the Board of Governors transferred to the Bureau by this title; 11 See References in Text note below. and
(B) existed on the day before the designated transfer date.
(2) **Continuation of suits** — No provision of this Act shall abate any proceeding commenced by or against the Board of Governors (or any Federal reserve bank) before the designated transfer date with respect to any consumer financial protection function of the Board of Governors (or any Federal reserve bank) transferred to the Bureau by this title,1 except that the Bureau, subject to sections 5514, 5515, and 5516 of this title, shall be substituted for the Board of Governors (or Federal reserve bank) as a party to any such proceeding as of the designated transfer date.
**(b) Federal Deposit Insurance Corporation**
(1) **Existing rights, duties, and obligations not affected** — [Section 5581(b)(4) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5581/b/4&num=0&edition=prelim) does not affect the validity of any right, duty, or obligation of the United States, the Federal Deposit Insurance Corporation, the Board of Directors of that Corporation, or any other person, that—
(A) arises under any provision of law relating to any consumer financial protection function of th
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5587
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** The definitions and rules of construction set forth in this section are applicable for the purposes of this subchapter.
**(b) Bureau.—** The term “Bureau” means the Bureau of Consumer Financial Protection.
**(c)** The term “Board” refers to the Board of Governors of the Federal Reserve System.
**(d)** The term “organization” means a corporation, government or governmental subdivision or agency, trust, estate, partnership, cooperative, or association.
**(e)** The term “person” means a natural person or an organization.
**(f)** The term “credit” means the right granted by a creditor to a debtor to defer payment of debt or to incur debt and defer its payment.
**(g)** The term “creditor” refers only to a person who both (1) regularly extends, whether in connection with loans, sales of property or services, or otherwise, consumer credit which is payable by agreement in more than four installments or for which the payment of a finance charge is or may be required, and (2) is the person to whom the debt arising from the consumer credit transaction is initially payable on the face of the evidence of indebtedness or, if there is no such evidence of indebtedness, by agreement. Notwithstanding the preceding sentence, in the case of an open-end credit plan involving a credit card, the card issuer and any person who honors the credit card and offers a discount which is a finance charge are creditors. For the purpose of the requirements imposed under part D of this subchapter and sections 1637(a)(5), 1637(a)(6), 1637(a)(7), 1637(b)(1), 1637(b)(2), 1637(b)(3), 1637(b)(8), and 1637(b)(10) of this title, the term “creditor” shall also include card issuers whether or not the amount due is payable by agreement in more than four installments or the payment of a finance charge
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 1602
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Finding and purpose**
(1) **Finding** — The Congress finds that economic stabilization would be enhanced by the protection, limitation, and regulation of the terms of residential mortgage credit and the practices related to such credit, while ensuring that responsible, affordable mortgage credit remains available to consumers.
(2) **Purpose** — It is the purpose of this section and [section 1639c of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1639c&num=0&edition=prelim) to assure that consumers are offered and receive residential mortgage loans on terms that reasonably reflect their ability to repay the loans and that are understandable and not unfair, deceptive or abusive.
**(b) Duty of care**
(1) **Standard** — Subject to regulations prescribed under this subsection, each mortgage originator shall, in addition to the duties imposed by otherwise applicable provisions of State or Federal law—
(A) be qualified and, when required, registered and licensed as a mortgage originator in accordance with applicable State or Federal law, including the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 [[12 U.S.C. 5101](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5101&num=0&edition=prelim) et seq.]; and
(B) include on all loan documents any unique identifier of the mortgage originator provided by the Nationwide Mortgage Licensing System and Registry.
(2) **Compliance procedures required** — The Bureau shall prescribe regulations requiring depository institutions to establish and maintain procedures reasonably designed to assure and monitor the compliance of such depository institutions, the subsidiaries of such institutions, and the employees of such institutions or subsidiarie
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 1639b
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Federal law — U.S. Code and appendices · legal_authorities
Page 1786
TITLE 12—BANKS AND BANKING
§ 5101
1 See References in Text note below.
mitted by the President under section 1105
of title 31 for the following fiscal year and
if so, the report shall be submitted concur-
rently to the Committee on Financial
Services of the House of Representatives
and the Committee on Banking, Housing,
and Urban Affairs of the Senate.
(B) Final report following transition
(i) In general
Following completion of the transition
from the use of compensating balances to
the use of the appropriations authorized in
subsection (b) to pay financial institutions
for their services as depositaries and finan-
cial agents of the United States, the Sec-
retary of the Treasury shall submit a re-
port on the transition to the Committee
on Financial Services of the House of Rep-
resentatives and the Committee on Bank-
ing, Housing, and Urban Affairs of the Sen-
ate.
(ii) Contents of report
The report submitted under clause (i)
shall include a detailed analysis of—
(I) the cost of transition;
(II) the direct costs of the services
being paid from the appropriations au-
thorized in subsection (b); and
(III) the benefits realized from the use
of direct payment for such services, rath-
er than the use of compensating balance
arrangements.
(d) Omitted
(e) Effective date
Notwithstanding section 20,1 this section shall
take effect on October 28, 2003.
(Pub. L. 108–100, § 19, Oct. 28, 2003, 117 Stat. 1191.)
Editorial Notes
REFERENCES IN TEXT
Section 20, referred to in subsec. (e), means section 20
of Pub. L. 108–100, which is set out as an Effective Date
note under section 5001 of this title.
CODIFICATION
Section is comprised of section 19 of Pub. L. 108–100.
Subsec. (d) of section 19 of Pub. L. 108–100 amended sec-
tion 412 of this t
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 5101
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