Skip to content
BOL Conferences
Thread Options
#2085221 - 06/24/16 08:55 PM Loan ID on Investor Loans
Norman Paperman Offline
Diamond Poster
Norman Paperman
Joined: Aug 2012
Posts: 1,700
48.934476, -114.343735
Howdy BOLers,

What loan ID are you using for your LE and CD on loans being sold to investors. In our case, we are a correspondant lender, so the investor is underwriting the loan, it is closing in our name, but is then sold to the investor post closing.

I'm auditing the TRID stuff for our mortgage department and am unsure of who's loan number to list on the LE/CD, but am leaning toward ours.
_________________________
Maybe you just wanna fly the plane yourself. Well good luck pressing take off, then auto pilot, then land.


CRCM

Return to Top
TRID - TILA/RESPA Integrated Disclosures Rule
#2085228 - 06/24/16 09:16 PM Re: Loan ID on Investor Loans Norman Paperman
TMatt87 Offline
Diamond Poster
TMatt87
Joined: May 2011
Posts: 1,984
Idaho
We are a correspondent as well, but we do our own underwriting. We include our loan number on the docs.
_________________________
All opinions are my own, not my employer's

Return to Top
#2085255 - 06/25/16 12:29 PM Re: Loan ID on Investor Loans Norman Paperman
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,225
Galveston, TX
The only requirement for a Loan ID on the LE/CD is that it remain consistent throughout the transaction. Whether that number represents the ultimate loan number in someone's loan system is irrelevant.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#2085310 - 06/27/16 02:08 PM Re: Loan ID on Investor Loans Norman Paperman
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
The point of the number is to tie together multiple LEs and the CloD(s) with a single identifier. It's utility ends with the final CloD.
_________________________
John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

Return to Top
#2085362 - 06/27/16 05:03 PM Re: Loan ID on Investor Loans Norman Paperman
Iowa Compliance Gal Offline
Junior Member
Joined: Nov 2015
Posts: 33
Iowa
When we have an applicant come in we assign a generic loan ID number to use for the LE's and CD's to stay consistent since we do not know what the loan number will be until we know what investor we will use. Makes it easy for our loan admin's and officers to remember.

The generic we use on all of ours is the application date and the primary borrowers initials. For example John Doe comes in today 06-27-2016 we would use 20160627JD. We would use this thru LE & CD disclosures then put the actual loan number on the docs prior to closing.

Return to Top