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#2220240 - 08/22/19 04:41 PM NMLS # and HELOCs
perplexed1 Offline
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Joined: Apr 2010
Posts: 103
Is the NMLS # required to be disclosed on any HELOC documents, and if so, which ones?

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#2220248 - 08/22/19 05:21 PM Re: NMLS # and HELOCs perplexed1
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 83,219
Galveston, TX
Application, note, security instrument.
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#2220263 - 08/22/19 07:27 PM Re: NMLS # and HELOCs perplexed1
Inherent_Risk Offline
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Joined: Jan 2017
Posts: 570
I don't believe the Reg Z requirements apply to HELOCS.

1026.36(b) - 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.

(NMLS requirements are paragraph (g))


Just SAFE Act (before acting as MLO, first communication, upon request)

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#2220287 - 08/22/19 11:09 PM Re: NMLS # and HELOCs perplexed1
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 83,219
Galveston, TX
OH - you are correct. I knew that and looked all over for that and could not find it and thought suddenly I was wrong.

Thanks.
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#2220413 - 08/26/19 06:47 PM Re: NMLS # and HELOCs perplexed1
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
Being wrong once in a while is good for the soul --- it keeps us humble. I can be very humble. grin
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