All in Regulation B

The SAFE Act requires that each registered Mortgage Loan Officer (MLO) provide their unique identifier (NMLS #) to applicants according to certain requirements.  For example, the NMLS number must be provided to the customer upon request, before acting as a mortgage loan originator, and through the MLO’s initial written communication with a consumer.  For this reason, most financial institutions have established procedures to include the NMLS number on...

An incomplete application can create unique challenges for a financial institution.  For example, many financial institutions have a difficult time just understanding what an incomplete application really is.  To understand what an incomplete application is, we must first understand how Reg B defines a completed application.  Under Regulation B, a completed application is an application in which a creditor...