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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CUNA wrote in support of legislation Monday that is a step forward in addressing the threat of litigation under the Americans With Disabilities Act, urging legislators to consider how credit unions are being impacted by frivolous litigation.
After weeks of hurricanes, and now wildfires, it’s more important than ever for credit unions to be prepared for disasters. Federally insured credit unions are required to have disaster recovery and business resumption plans.