SAFE Act Secure and Fair Enforcement for Mortgage Licensing Act This course does not contain audio. Please forward through the presentation using your mouse or the arrow buttons.
SAFE Act Course Information Based on a the review of your job role, you have been identified as needing to register on NMLS per the SAFE Act. This course will take approximately 10 minutes to complete. By completing this course you will: Have an awareness of the SAFE Act and how it impacts you as an employee Realize the actions Fifth Third Bank has taken to comply with the Act and Be prepared to take the next steps to meet the registration requirements.
The Registration Process Record is Uploaded by SAFE Act Team Attestation Requested Attested Validation SAFE Act Team makes payment Fingerprints Start Active Finish
Employees Required to Register The intent of the SAFE Act is to: Improve the accountability and tracking of residential loan originators Enhance consumer protection Reduce fraud and Provide consumers with easily accessible information regarding a loan originator s professional background. The SAFE Act mandates a nationwide registration system for individuals who originate consumer purpose loans secured by residential real estate.
Employees Required to Register The SAFE Act requires registration for all employees who meet the definition of a Mortgage Loan Originator (Covered Employee). The regulatory definition of a Residential Mortgage Loan Originator is anyone that satisfies both of the following: Takes a residential loan application secured by a dwelling or receives the information indirectly for the purpose of making an offer of loan terms and Offers, arranges, or negotiates loan terms. All consumer purpose loans secured by a mortgage, deed of trust or other equivalent consensual security interest on a dwelling are subject to this act. Covered loans include: First and Second Liens Home Equity Lines of Credit Construction Loans Purchase Loans Refinances Reverse Mortgages. Commercial loans, business purpose loans, and loan modifications are not subject to the SAFE Act.
Employees Required to Register The definition of a Covered Employee, as defined in the Act, goes beyond the role of a Mortgage Loan Originator. At Fifth Third, the SAFE Act mandatory registration includes not only employees in our Mortgage line of business, but also any employee who takes a residential application and offers, arranges, or negotiates loan terms for compensation. For example, this could include: Personal Bankers (Retail) Processors (Consumer) Private Bankers (IA)
Registration Process Follow all instructions you receive from Fifth Third s SAFE Act Team (SAFEActAdmin.Bancorp@53.com). Beginning January 1, 2014, credit checks will be conducted on all new employees entering a SAFE Act job code as well as existing employees transferring into a SAFE Act job code. You must complete the entire Federal registration process while in training for your new position. Failure to complete the registration process during your training period will render you unable to perform the duties of your position and can lead to disciplinary action up to and including termination. The SAFE Act Team will submit employee information to NMLS and create a base MU4R record for each employee. A MU4R is your record on the NMLS. It identifies you on the system and you are assigned an NMLS number that corresponds to your record. If you do not have an existing NMLS registration record, you will receive three e- mails from NMLS. The first e-mail contains your NMLS User ID, the second e-mail contains your temporary password for the NMLS website, and the third e-mail will inform you that we have created an MU4R filing and will request you to attest to this MU4R filing. If you have an existing NMLS record with an e-mail address other than your Fifth Third e-mail address, any e-mail communications from NMLS will be sent to the previously existing e-mail address and not your Fifth Third e-mail address.
Grant Fifth Third Institutional Access If you already have an NMLS record, you will need to grant Fifth Third Institutional Access to your existing record. You will receive specific instruction on which company to select when granting access. Fifth Third Bank (NMLS ID 403245) Fifth Third Mortgage Company (NMLS ID 134100) Fifth Third Mortgage MI, LLC (NMLS ID 447141) If you are unaware who your legal employer is contact your Manager or email the SAFE Act Team (SAFEActAdmin.Bancorp@53.com).
Attest to Your MU4R You will need to log on to the NMLS website to attest to the accuracy of the information contained on your MU4R. It is imperative that you verify the accuracy of your entire MU4R filing before you attest. Please ensure: Your e-mail address on NMLS is your Fifth Third e-mail address. You have ONE current employer on NMLS. Do not use abbreviations such as 5/3 or Fifth Third when entering your current employer s legal name. Note: You need to ensure you enter your legal employer from this list: Fifth Third Bank (NMLS ID 403245) Fifth Third Mortgage Company (NMLS ID 134100) Fifth Third Mortgage MI, LLC (NMLS ID 447141) If you are unaware who your legal employer is contact your Manager or e-mail the SAFE Act Team (SAFEActAdmin.Bancorp@53.com). Your Fifth Third work address and work telephone number are correct and match what is listed in PeopleFinder and HR Direct under Personal Info. Every financial-service related employer (banks, insurance companies, brokerage agencies) you have worked for in the past ten years is listed on NMLS with accurate employment dates. You select the checkbox next to I am requesting a Federal Criminal Background Check.
Attest to Your MU4R You should complete any additional fields on the MU4R form and will attest that all of the information is true and accurate. You do not pay the registration fee. This is paid for by the SAFE Act Team. You will not be allowed to accept applications or originate a residential mortgage home loan if you have not completed the registration process during training. Once your MU4R has been created by the SAFE Act Team, a unique identifier will be issued to the employee by NMLS. Employees are required to provide their unique identifier (NMLS ID) to a consumer: Upon request, Before acting as a mortgage loan originator, or Through the originator s initial written communication with a consumer, if any.
Validation Process After you attest to the information contained on your MU4R, the SAFE Act Team will compare the information on your MU4R with the information Fifth Third has on record. This validation process is a SAFE Act requirement. If any of the information does not match, you will be contacted by the SAFE Act Team via e-mail and requested to update or clarify your information. At this time, NMLS will send you an e-mail informing you that you need to attest to your MU4R. You will need to log into NMLS, update the information and attest to your record again. Once all of the information on your MU4R is validated, your registration fees will be paid for and processed by the SAFE Act Team. Employees do NOT need to pay any registration fees. If you are prompted by NMLS to pay any registration fees, please contact the SAFE Act Team (SAFEActAdmin.Bancorp@53.com) for further instruction.
Fingerprint Process Fingerprints The SAFE Act requires that fingerprints be submitted for a Federal criminal background check. If you joined Fifth Third Bank within the past three years or already completed the NMLS fingerprint process at a previous employer, you are not required to have your fingerprints taken again. Your existing prints will be sent to NMLS automatically. If you joined Fifth Third Bank more than three years ago, you will receive an e-mail from the SAFE Act Team with instructions on how to have your fingerprints taken and submitted to NMLS. There may be an occasion when NMLS determines that your fingerprints are illegible. The SAFE Act Team will notify you if your prints are returned illegible and will provide you with instructions on how to have your fingerprints taken again. If that happens you will have seven days to have your fingerprints taken again.
Federal Criminal Background Check Once your fingerprints are processed and the criminal background check is completed, one of two things will happen: If the criminal background check comes back clear, your registration is now active on NMLS or If the criminal background check returns a RAP (Record of Arrest and Prosecution), the Employee Relations Department will review the RAP and contact you if necessary. When you have fully completed the registration process, you will receive an e-mail from NMLS stating your Federal Covered Employee Registration status has changed from Pending to Active. Pending Active
Your Responsibilities Now that you have a Federal registration record on NMLS, the record is your record. It is not a record of the Bank, or for the Bank. The Bank is responsible for its employees registering on the NMLS; however the Bank does not maintain the NMLS record for its employees. As a NMLS registrant, it is your responsibility to maintain your NMLS record with up-to-date information. This information includes, but not limited to: Name Address Contact Information Prior financial services-related employment Information concerning final criminal actions Financial services-related civil judicial actions and Professional license revocations or suspensions. Your Record Your NMLS registration record must be updated within 30 days of the occurrence of the following events: A name change The termination of employment and Any change in response to any of the disclosure questions on your MU4R registration record.
When to Disclose NMLS ID System updates will allow for the display of unique identifiers in various locations: On the 1003 Mortgage Application Form, TIL, and the Home Equity Line Important Terms Disclosure Coversheet accompanying legal documents In a listing of Covered Employees and NMLS IDs found on 53.com for public display On Call Center letters sent to customers On business cards Email Signatures You must provide your NMLS number to a consumer: Upon request Before acting as a Covered Employee and Through the initial written communication with a consumer, if any, whether on paper or electronically.
Renewing Your Registration All Covered Employees are required to renew their registration annually. Individuals whose initial registration became active after July 1 st of the current year are exempt from renewal. The annual renewal period will take place November 1 through December 31 of each year. Communication with instruction on the renewal process will be sent to employees in October of each year. To renew, Covered Employees are required to re-attest to the accuracy of the information in NMLS. Any fees associated with SAFE Act registration and renewal will be paid by the SAFE Act Team. If any Covered Employee fails to renew their registration record by the Bank s internal deadline, they will not be able to perform essential job functions.
Additional Resources NMLS Website Fifth Third s Listing of Covered Employees on 53.com E-Mail the SAFE Act Team Also: Consumer Access NMLS Website Customers can now search for information about you and the Bank using the NMLS Consumer Access website. Information publically displayed on the Consumer Access website includes: NMLS ID, Phone Number(s), Fax Number, Other Names (if applicable), Employment history, Office Location, Institution you are authorized to represent. Until you complete the registration process, your access to Unifi and ALPS will be restricted and you will receive an error message in those systems indicating you do not have a recognized NMLS ID. If you do not remember your NMLS user ID or password, please call the NMLS Call Center at 855-NMLS-123, Monday Friday, 9:00a.m. to 7:00 p.m. EST. Please note that the SAFE Act Team is unable to reset your NMLS user ID or password. You may save or print a copy of this page by clicking the Attachments link in the upper right corner.
NMLS Call Center Reasons to Contact the NMLS Call Center If you are experiencing any of the difficulties listed below, please contact the NMLS Call Center at 855- NMLS-123 (or 855-665-7123), Monday through Friday from 9:00 am to 7:00 pm EST. You are locked out of the NMLS Website. You have forgotten your User ID or Password for the NMLS Website. (If you remember your NMLS User ID, you can use the "Forgot your Password" option on the NMLS Website and the NMLS will e- mail you a temporary password.) You are locked out of the NMLS Website and you cannot access the e-mail address listed on your NMLS User Profile to retrieve the temporary password the NMLS has sent you. You need to change an incorrect Date of Birth or Social Security Number listed on your NMLS registration record. You need to resolve a persistent system error message that you are receiving on the NMLS Website. If you have questions about any other topic, please contact Fifth Third's SAFE Act Team by e-mailing SAFEActAdmin.Bancorp@53.com.