Answer:
Generally, the SAFE Act Officer is the person responsible for the SAFE Act registration of the staff. The SAFE Act regulation does not allow the person that registers employees to be an MLO unless the institution has less than 10 employees.
Part 1007.103 Registration of mortgage loan originators
(e) Required covered financial institution information. A covered financial institution must submit the following categories of information to the Registry:
(1) Covered financial institution record.
(i) In connection with the registration of one or more mortgage loan originators:
(F) Name(s) and contact information of the individual(s) with authority to enter the information required by paragraphs (d)(1) and (e) of this section to the Registry and who may delegate this authority to other individuals. For the purpose of providing information required by paragraph (e) of this section, this individual and their delegates must not act as mortgage loan originators unless the covered financial institution has 10 or fewer full time or equivalent employees and is not a subsidiary.
It’s been TCA’s experience that the SAFE Act Officer is the HR Officer because that person is responsible for identifying, registering, and training MLO staff and is not an MLO.
