On January 15, the CFPB published in the Federal Register a notice related to the Nationwide Mortgage Licensing System and Registry, which allows mortgage loan originators employed by a federal agency to register and submit required information. The proposed changes will: (i) clarify that collected data is used for registry administration, including background investigations and identity verification for users at covered financial institutions, as required by DOJ and FBI for access to criminal history; (ii) expand the categories of individuals and records to include additional data elements from mortgage loan originators, administrative users, and federal regulators; (iii) revise the records retention schedule to reflect the approved system; (iv) authorize disclosure to the National Archives and Records Administration for records management inspections; and (v) align the non-substantive revisions with the OMB’s recommended model. Comments on the changes must be received no later than February 17.
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