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#1936784 - 06/30/14 08:47 PM NMLS ID # on Mortgages
Newbie06 Offline
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Posts: 731
Is it required for the loan officer's NMLS ID # and the bank's ID # to be listed on mortgage documents?

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S.A.F.E. Act Forum
#1936793 - 06/30/14 08:57 PM Re: NMLS ID # on Mortgages Newbie06
raitchjay Online
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OK
Yes, if it's a consumer credit transaction secured by a dwelling. See 1026.36(g):

(2) The loan documents that must include the names and NMLSR IDs pursuant to paragraph (g)(1) of this section are:

(i) The credit application;

(ii) [Reserved]

(iii) The note or loan contract; and

(iv) The security instrument.
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#1962807 - 09/18/14 02:17 PM Re: NMLS ID # on Mortgages raitchjay
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Going back to the NMLS ID# being on the credit instrument, does the number have to be on a Credit Agreement and Disclosure for a HELOC? Our loan processor isn't automatically having that flow onto the document.

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#1963900 - 09/23/14 03:28 PM Re: NMLS ID # on Mortgages Newbie06
Reads Regs Offline
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Originally Posted By: Runner4fun
Going back to the NMLS ID# being on the credit instrument, does the number have to be on a Credit Agreement and Disclosure for a HELOC?

Yes. I'm not aware of any exemption for open end credit for this provision. The information must also appear on your security agreement.
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Opinions expressed are my own and not necessarily those of my employer. They are not legal advice.

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#1963993 - 09/23/14 05:50 PM Re: NMLS ID # on Mortgages Newbie06
Dan Persfull Offline
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Dan Persfull
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Bloomington, IN
Open-end credit is exempt.

(b) Scope. Paragraphs (c)(1) and (c)(2) of this section apply to closed-end consumer credit transactions secured by a consumer's principal dwelling. Paragraph (c)(3) of this section applies to a consumer credit transaction secured by a dwelling. Paragraphs (d) through (i) of this section apply to closed-end consumer credit transactions secured by a dwelling. This section does not apply to a home equity line of credit subject to ยง 1026.40, except that paragraphs (h) and (i) of this section apply to such credit when secured by the consumer's principal dwelling and paragraph (c)(3) applies to such credit when secured by a dwelling. Paragraphs (d) through (i) of this section do not apply to a loan that is secured by a consumer's interest in a timeshare plan described in 11 U.S.C. 101(53D).
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#1964825 - 09/25/14 08:03 PM Re: NMLS ID # on Mortgages Dan Persfull
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Dan,

Thanks for catching my mistake. I just looked back at some of my e-mails to management. I saw that I had told them earlier this year that they did not need to put the NMLS ID on HELOC documents. I should have looked at the regulation before I posted my response.
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Opinions expressed are my own and not necessarily those of my employer. They are not legal advice.

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