Loan ID on Investor Loans

Howdy BOLers,

What loan ID are you using for your LE and CD on loans being sold to investors. In our case, we are a correspondant lender, so the investor is underwriting the loan, it is closing in our name, but is then sold to the investor post closing.

I'm auditing the TRID stuff for our mortgage department and am unsure of who's loan number to list on the LE/CD, but am leaning toward ours.

We are a correspondent as well, but we do our own underwriting. We include our loan number on the docs.

The only requirement for a Loan ID on the LE/CD is that it remain consistent throughout the transaction. Whether that number represents the ultimate loan number in someone's loan system is irrelevant.

The point of the number is to tie together multiple LEs and the CloD(s) with a single identifier. It's utility ends with the final CloD.

When we have an applicant come in we assign a generic loan ID number to use for the LE's and CD's to stay consistent since we do not know what the loan number will be until we know what investor we will use. Makes it easy for our loan admin's and officers to remember.

The generic we use on all of ours is the application date and the primary borrowers initials. For example John Doe comes in today 06-27-2016 we would use 20160627JD. We would use this thru LE & CD disclosures then put the actual loan number on the docs prior to closing.