Provided for Cal. Fin. Code §§ 22314 & 223338 and Cal. Code Regs. tit. 10, § 1454, Cx5188 contains a disclosure of the name, address, license number, and NMLS number of both the broker and the lender, as required by the following:
“Any statement of loan form used by a mortgage lender, mortgage broker, mortgage lender and broker, or mortgage loan originator shall indicate the unique identifier of the mortgage lender, mortgage broker, mortgage lender and broker, or mortgage loan originator.” (Ibid. § 1454[c])
What is not clear from this requirement is whether the NMLS number of the broker company or of an individual broker should be disclosed. A “mortgage broker” is defined under administrative law as a “broker who . . . brokers . . . residential mortgage loans and who is required to be licensed pursuant to Section 22100 of the Code.” (Ibid. § 1454[f]). However, under statutory law, “broker” does “not include employees regularly employed at the location specified in the license of the . . . broker” (Cal. Fin. Code § 22010).
Currently, we are using the “Loan Originator NMLS Number” (FI 43035) to disclose the broker’s NMLS number. After considering the statutory exclusion cited above, we will be using “Mortgage Broker Company NMLS” (FI 96914) by default instead, if it has a value; if not, the value of FI 43035 will continue to print.
This change will be in effect immediately. Questions or concerns about this change may be directed towards Client Support at 1.800.497.3584.