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).
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The second phase of Same Day ACH rollout has a Sept. 15 effective date, and a list of recommended action items to be performed has been released. All financial institutions must be prepared to receive by Sept. 15.
As Congress works this week to fund the government past April 28, CUNA will be engaged in the process as it seeks to see 2 particular issues addressed: funding for CDFIs and the CFPB's exemption authority.
CUNA stands ready to work with legislators to see regulatory relief enacted into law, and the CHOICE Act is a good first step, CUNA wrote to House Financial Services Committee leadership Tuesday in advance of a hearing on the bill.