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#2144547 - 08/31/17 01:57 PM Is loan processor required to have NMLS number?
AZloan Offline
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Registered: 04/06/16
Posts: 266
Under SAFE act, every MLO has to have a NMLS number. How about the loan processor/assistant to the mortgage broker? Does she need one too? She talks on the phone with customer in behalf of the broker but doesn't offer or negotiate any terms of any loans.

Thank you

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S.A.F.E. Act Forum
#2144568 - 08/31/17 03:10 PM Re: Is loan processor required to have NMLS number? [Re: AZloan]
rlcarey Offline
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Registered: 07/16/01
Posts: 66648
Loc: Galveston, TX
How about the loan processor/assistant to the mortgage broker?

Are you talking about a financial institution employee that requires registration under Regulation G or one that require registration under the State's rules. Mortgage broker?
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#2144605 - 08/31/17 06:02 PM Re: Is loan processor required to have NMLS number? [Re: AZloan]
AZloan Offline
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Registered: 04/06/16
Posts: 266
Randy, I am not sure about your question since I don't know enough about it at this time. Our bank doesn't originate closed-end mortgage loans. We have a broker who is our Bank employee closes loans with different lenders but us. She is hiring a loan processor/assistant.

I think if the employee is a federally insured, the employee doesn't need to have the state mortgage broker license?

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#2144606 - 08/31/17 06:16 PM Re: Is loan processor required to have NMLS number? [Re: AZloan]
rlcarey Offline
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Registered: 07/16/01
Posts: 66648
Loc: Galveston, TX
A Bank employee would fall under Reg. G as far as the Safe Act and NMLS registration is concerned. Any mortgage broker licensing requirements are a State law issue. Read through Appendix A to Reg. G:

https://www.bankersonline.com/regulations/12-1007-appa
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#2144612 - 08/31/17 07:32 PM Re: Is loan processor required to have NMLS number? [Re: AZloan]
AZloan Offline
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Registered: 04/06/16
Posts: 266
Thank you. I need to read this.

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