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#2135464 - 06/22/17 08:11 PM Licensing Requirements
Jay McGee Offline
Member
Joined: Apr 2016
Posts: 62
Is anyone aware of any changes to licensing requirements, which allows the loan officer’s name and NMLS# to be listed on closing docs (1003, Note, Deed of Trust) after termination?

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Operations Compliance
#2135468 - 06/22/17 08:41 PM Re: Licensing Requirements Jay McGee
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,219
Galveston, TX
Absolutely not.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2135473 - 06/22/17 08:56 PM Re: Licensing Requirements Jay McGee
Jay McGee Offline
Member
Joined: Apr 2016
Posts: 62
Thanks

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#2135605 - 06/23/17 05:31 PM Re: Licensing Requirements Jay McGee
Jay McGee Offline
Member
Joined: Apr 2016
Posts: 62
Are you allowing the terminated LO’s name & NMLS info to remain on the closing docs? We have a situation where our closers missed a termination, so I have a few loans closed in the name of an “unregistered” LO. To further complicate it, the title company is telling us “we’re the only lender” that requires this, so that’s why I’m researching this.

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#2135640 - 06/23/17 06:30 PM Re: Licensing Requirements Jay McGee
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,219
Galveston, TX
How can a terminated loan officer have primary responsibility for the loan??

Paragraph 36(g)(1)(ii)

1. Multiple individual loan originators. If more than one individual meets the definition of a loan originator for a transaction, the name and NMLSR ID of the individual loan originator with primary responsibility for the transaction at the time the loan document is issued must be included. A loan originator organization that establishes and follows a reasonable, written policy for determining which individual loan originator has primary responsibility for the transaction at the time the document is issued complies with the requirement. If the individual loan originator with primary responsibility for a transaction at the time a document is issued is not the same individual loan originator who had primary responsibility for the transaction at the time that a previously issued document was issued, the previously issued document is not required to be reissued merely to change a loan originator name and NMLSR ID.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2135643 - 06/23/17 06:32 PM Re: Licensing Requirements Jay McGee
Jay McGee Offline
Member
Joined: Apr 2016
Posts: 62
I agree and will speak with the title company again

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