The federal banking agencies issued a final rule on the registration of employees acting as mortgage loan originators for banks, savings associations, credit unions, and their subsidiaries. The rule implements the Secure and Fair Enforcement for Mortgage Licensing Act of 2008, which requires mortgage loan originators employed by banks to register with the Nationwide Mortgage Licensing System and Registry. The rule does not require registration of individuals involved in mortgage modifications, assumptions, and servicing unless they originate new loans. The rule is effective October 1, 2010. The agencies do not expect that the Nationwide Mortgage Licensing System and Registry will be ready to accept mortgage loan originator applications before January 28, 2011, and individuals will have 180 days to register after the Nationwide Mortgage Licensing System and Registry begins accepting applications.