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Are we required to print a loan originator’s NMLS number on our bank’s billboard advertisements? – IBA Compliance Connection

Are we required to print a loan originator’s NMLS number on our bank’s billboard advertisements?

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No, we do not believe that a mortgage loan originator’s unique identifier would have to be stated or printed in your bank’s billboard advertisements. The SAFE Act regulations require that a mortgage loan originator (MLO) “provide his or her unique identifier to a consumer: (1) Upon request; (2) Before acting as a mortgage loan originator; and (3) Through the originator’s initial written communication with a consumer, if any, whether on paper or electronically.” 12 CFR 1007.105(b). As stated in the final rule’s publication, it was not intended to cover advertisements and other similar materials. Supplementary Information, Registration of Mortgage Loan Originators, Final Rule, 75 Fed. Reg. 51623, 51642 (August 23, 2010):

Furthermore, the Agencies intend [this rule] to cover written communication from the originator specifically for his or her customers, such as a commitment letter, good faith estimate or disclosure statement, and not written materials or promotional items distributed by the Agency-regulated institution for general use by its customers. While, this provision does not require institutions to include the unique identifier on loan program descriptions, advertisements, business cards, stationary, notepads, and other similar materials, institutions are not prohibited from doing so. 

Note that the Illinois Residential Mortgage License Act of 1987 requires MLOs who do not work for financial institutions to display their unique identifiers on “all residential mortgage loan application forms, solicitations, and advertisements, including business cards and websites.” 205 ILCS 635/7-14. However, employees of a depository institution are exempted from the law, and as a result, we don’t believe that its requirements would apply to your bank’s advertisements. 205 ILCS 635/1-3(a)205 ILCS 635/1-4(d)(1.5).