Registration of Mortgage Loan Originators

Forms and Documents

Document Name	Status
CFPBG_20230731_omb.pdf Supporting Statement A	2023-07-31

IC Document Collections

IC ID	Document Title	Status
260876	Disclosure Section 1007.103(e) Banking organizations (existing and new) disclosure of registration information	New
260875	Disclosure Sections 1007.103(c)(1) and (2) MLOs (existing) updates and changes	New
227724	Disclosure Section 1007.103(b) MLOs (existing) maintenance and disclosure	Modified
210637	Disclosure Section 1007.103(a) MLOs (new) initial set-up and disclosure	Modified
190754	Recordkeeping Section 1007.104 Banking organizations (existing)	Modified
190753	Recordkeeping Section 1007.104 Banking organizations (new)	Modified

ICR Details

OMB Control No: 7100-0328	ICR Reference No: 202306-7100-008
Status: Active	Previous ICR Reference No: 202209-7100-003
Agency/Subagency: FRS	Agency Tracking No: CFPB G
Title: Registration of Mortgage Loan Originators
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Delegated
OIRA Conclusion Action: Approved without change	Conclusion Date: 07/31/2023
	Date Received in OIRA: 07/31/2023
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	07/31/2026	36 Months From Approved	07/31/2023
Responses	26,416	0	25,819
Time Burden (Hours)	23,366	0	87,317
Cost Burden (Dollars)	0	0	0

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Abstract: In accordance with the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act), the Consumer Financial Protection Bureau’s (CFPB) Regulation G requires residential mortgage loan originators (MLOs) to register with the Nationwide Multistate Licensing System (NMLS), maintain this registration, obtain a unique identifier, and disclose to consumers upon request and through the NMLS 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 MLOs to adopt and follow written policies and procedures to ensure that their employees comply with these requirements and to conduct annual independent compliance tests. The CFPB’s regulation applies to a broad range of financial institutions and their employees. Regarding entities supervised by the Board, the CFPB’s regulation applies to state member banks (SMBs) with $10 billion or less in total assets that are not affiliates of insured depository institutions with total assets of more than $10 billion; subsidiaries of such SMBs that are not functionally regulated within the meaning of section 5(c)(5) of the Bank Holding Company Act of 1956; branches and agencies of foreign banks (other than federal branches, federal agencies, and insured state branches of foreign banks); commercial lending companies owned or controlled by foreign banks; and their employees who act as MLOs.

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Authorizing Statute(s): US Code: 12 USC 5581 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
   US Code: 12 USC 5581(c) Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
   US Code: 12 USC 3105(c) Name of Law: International Banking Act of 1978
   US Code: 12 USC 3108(b) Name of Law: International Banking Act of 1978
   US Code: 12 USC 3106a(1) Name of Law: International Banking Act of 1978
   US Code: 12 USC 5101 et seq Name of Law: Secure and Fair Enforcement for Mortgage Licensing Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	88 FR 5343	01/27/2023
30-day Notice:	Federal Register Citation:	Citation Date:
	88 FR 37250	06/07/2023
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 6

IC Title	Form No.	Form Name
Disclosure Section 1007.103(a) MLOs (new) initial set-up and disclosure
Disclosure Section 1007.103(b) MLOs (existing) maintenance and disclosure
Disclosure Section 1007.103(e) Banking organizations (existing and new) disclosure of registration information
Disclosure Sections 1007.103(c)(1) and (2) MLOs (existing) updates and changes
Recordkeeping Section 1007.104 Banking organizations (existing)
Recordkeeping Section 1007.104 Banking organizations (new)

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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	26,416	25,819	0	597	0	0
Annual Time Burden (Hours)	23,366	87,317	0	-63,951	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

Burden decreases because of Program Change due to Agency Discretion: Yes

Burden Reduction Due to: Miscellaneous Actions

Short Statement: The estimated total annual burden for the CFPB G is 87,317 hours, and would decrease to 23,366 hours with the revisions. The decrease in burden is due to updating the Board's burden estimation methodology, including certain hourly burden estimates, in order to more accurately capture associated banking organization disclosure and recordkeeping burden.

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Annual Cost to Federal Government: $0

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

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     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]? No

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

Is this ICR related to the Pandemic Response? No

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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: 07/31/2023

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