The initial question asked was, “are we required to put the NMLS Unique Identifier of the institution and that of the MLO on Home Equity Line of Credit disclosures?â€. My initial response was “yes†given that Regulation G’s §1007.102 includes HELOCs in the definition of “residential mortgage†to which the SAFE Act is applicable (including the unique identifier, or so I believed). The Mortgage Department Manager, citing Regulation Z §1026.36(b), which appears to indicate that §1026.36(g) isn’t applicable to HELOCs, told me he thought I was incorrect and we are not required to put the unique identifier on the HELOC disclosures under §1026.36(g). I’m not sure how to reconcile Reg G with Reg Z here and answer the original question correctly. I’m hoping the experts here can shed some light and thank you in advance.
I’ve included citations below for easy reference:
§1007.102:
Residential mortgage loan means any loan primarily for personal, family, or household use that is secured by a mortgage, deed of trust, or other equivalent consensual security interest on a dwelling (as defined in section 103(v) of the Truth in Lending Act, 15 U.S.C. 1602(v)) or residential real estate upon which is constructed or intended to be constructed a dwelling, and includes refinancings, reverse mortgages, home equity lines of credit and other first and additional lien loans that meet the qualifications listed in this definition. This definition does not amend or supersede 12 CFR 613.3030(c) with respect to Farm Credit System institutions.
§1026.36(b):
(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 § 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).
§1026.36(g):
(g) Name and NMLSR ID on loan documents. (1) For a consumer credit transaction secured by a dwelling, a loan originator organization must include on the loan documents described in paragraph (g)(2) of this section, whenever each such loan document is provided to a consumer or presented to a consumer for signature, as applicable:
(i) Its name and NMLSR ID, if the NMLSR has provided it an NMLSR ID; and
(ii) The name of the individual loan originator (as the name appears in the NMLSR) with primary responsibility for the origination and, if the NMLSR has provided such person an NMLSR ID, that NMLSR ID.
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