Initial Application taken by a Broker contains their individual NMLS ID, as well as their respective Brokerage NMLS corporate ID on the credit application. Our institution receives the application from the Broker, which our institution will originate/fund the loan, which will be closed in our institution’s name.
Final application (as part of the settlement package) still contains the broker and their institution’s ID; However, the security instrument and note now contain the broker’s name and ID, as well as OUR institution name and NMLSID. The Broker’s company’s respective NMLS ID is not mentioned on the note or DOT.
I can't seem to locate much information on Brokers in 1026.36 (g). Does anyone take issue with how we are disclosing the Broker's NMLS ID and our Institutoin's NMLS ID on the Note and DOT?
Last edited by SamP; 07/24/14 04:57 PM.