Well, this is quite a striking contrast to the Arizona ruling today protecting illegal aliens and the feds from “burdensome” ID checks. The government is creating a national registry/fingerprint database for mortgage brokers in the U.S.
Mortgage loan originators will have to be fingerprinted and sign up to a central registry to do business in future, according to final rules issued on Wednesday by the Federal Reserve and other regulators.
The rules are part of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008, also called the S.A.F.E. Act.
They were issued by the Fed, Comptroller of the Currency, Federal Deposit Insurance Corp, Office of Thrift Supervision, Farm Credit Administration and National Credit Union Administration.
Mortgage brokers came under tough scrutiny in the wake of the 2007-09 financial crisis, with some lawmakers and regulators sharply critical of underwriting standards and practices that were seen as so loose they helped foster a housing price bubble.
The S.A.F.E. Act specifies that mortgage brokers who are employees of agency-regulated institutions must register with the Nationwide Mortgage Licensing System and Registry,
“As part of this registration process, residential mortgage loan originators must furnish to the registry information and fingerprints for background checks,” a joint release from regulators said.
“Undocumented” mortgage brokers would presumably get sanctuary status…