Under South Carolina law, the Nationwide Mortgage Licensing System & Registry (NMLS&R) unique identifier of licensees under Chapter 22 of the Consumer Protection Code (S.C. Code Ann. §§ 37-22-110 through 37-22-270) and under Chapter 58 of the Licensing of Mortgage Brokers Act (Ibid. §§ 40-58-10 through 40-58-130) are required to appear on “all mortgage loan documents” (see Ibid.§§ 37-22-210[F], 37-22-270[D], & 40-58-130[D]). In addition, South Carolina’s regulations implementing the Consumer Protection Code provides the following:
“The Nationwide Mortgage Licensing System & Registry (NMLS&R) unique identifier for the licensed Mortgage Lender/Servicer, the licensed Branch Office and the licensed Mortgage Loan Originator must be displayed on all mortgage loan applications. The NMLS&R unique identifier of the Mortgage Lender/Servicer and the unique identifier of the Mortgage Loan Originator must also be placed on the Promissory Note or Loan Contract and the Security Agreement as well as any other documents required by 12 CFR 1026.36(g). Only the unique identifier of the licensed Mortgage Lender/Servicer is required to be displayed on all other mortgage loan forms.” (S.C. Code Reg. 15-64[B])
We provide functionality in our system to print the name and NMLS numbers of the licensed lender, broker, and loan originator in the footer of all South Carolina documents, to fulfill these requirements. It is our understanding that it’s a general practice among our clients to include the lender’s branch number in the “Loan Origination Company Identifier” section of FNMA Form 1003, thus complying with South Carolina’s requirement.
However, to provide another option for disclosing this number (as well as all other information required by the aforementioned laws), we will be providing a new document (Cx21511) for clients interesting in having it print in their packages. This document sets forth the names and NMLS numbers of all four entities, along with language stipulating that the document is an addendum to the loan application.
This document is assignable “upon request.” Once assigned, it will print under the following conditions:
- Print 1003 Loan Application = Yes
- State Code = South Carolina
This document will be available June 14, 2017. If you have any questions or concerns about this new document, please contact Client Support at 1.800.497.3584.