Compliance

Compliance Q&A: Reg Z Loan Originator Rule

What loan originator information must be included on mortgage documents under Reg Z?

January 23, 2014
/ PRINT / ShareShare / Text Size +
Q What loan originator information must be included on mortgage documents under the Reg Z loan originator rule?
 
A The credit union must include the following on mortgage loan documents provided to a consumer or presented to a consumer for signature:
  • Its name and Nationwide Mortgage Licensing System & Registry (NMLSR) identification number (if applicable); and
     
  • The name and NMLSR ID (if applicable) of the individual loan originator with primary responsibility for the origination. The NMLSR ID is a number assigned by the Registry as required by the SAFE Act.
The following documents must include this information: the credit application; the note or loan contract; and the security instrument. These requirements apply to closed-end consumer credit transactions secured by a dwelling— Reg Z, Section 1026.36(g).
 
Visit CUNA’s compliance blog— “CompBlog”—at cuna.org. Email cucomply@cuna.com with questions or ideas, and keep the conversation going with your peers on COBWEB—CUNA’s compliance listserv.

Post a comment to this story

What's Popular

Popular Stories

Recent Discussion

Your Say: What's Your Expected Loan Growth in 2015?

View Results Poll Archive