If at any time the Director determines that the Nationwide Mortgage Licensing System and Registry is failing to meet the requirements and purposes of this chapter for a comprehensive licensing, supervisory, and tracking system for loan originators, the Director shall establish and maintain such a system to carry out the purposes of this chapter and the effective registration and regulation of loan originators.
Structure US Code
CHAPTER 51— SECURE AND FAIR ENFORCEMENT FOR MORTGAGE LICENSING
§ 5101. Purposes and methods for establishing a mortgage licensing system and registry
§ 5103. License or registration required
§ 5104. State license and registration application and issuance
§ 5105. Standards for State license renewal
§ 5106. System of registration administration by Federal agencies
§ 5108. Backup authority to establish a nationwide mortgage licensing and registry system
§ 5110. Background checks of loan originators
§ 5111. Confidentiality of information
§ 5113. Enforcement by the Bureau
§ 5114. State examination authority
§ 5115. Reports and recommendations to Congress