- This topic has 4 replies, 3 voices, and was last updated 9 years, 10 months ago by
.
-
Posts
-
If we are refinancing a loan and using an existing mortgage, we would put the NMLS# on any NEW documents that require it. Since we are using an existing mortgage, is it ok that it might not have an NMLS# if it has some age to it?
There isn’t any language that gives an exception for this type of situation, therefore, I recommend including it.
So you suggest that we don’t use an existing mortgage if it doesn’t have the NMLS# on it…we should file a new mortgage?
The reg states, “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…” In your transaction Since the existing mortgage is not “provided to a consumer or presented to the consumer for signature” it appears the LO’s name and number is not needed. Different facts might result in a different answer.
- You must be logged in to reply to this topic.