The Loan ID# is programmed based on the Channel selected in Field 2626.
FUNCTIONALITY
Here are the programming instructions for how the Loan ID# will print onto the output form.
-When field 2626 is “Banked-Retail” or “Banked-Wholesale”, then map the value in Field 364 to Field 4063(New Field).
-When field 2626 is “Brokered” or “Correspondent”, then Field 364 should be a null value (blank)
BACKGROUND
Based on verbal guidance provided by the CFPB, Mortgage Brokers issuing a Loan Estimate may leave the Loan ID # blank when the name of the creditor is unknown, additionally once known, the Loan ID # used on the disclosure must be the creditor’s Loan ID #.
As a result, we have provided clients who are brokers or lenders brokering loans to use a different loan ID field on the LE and CD other than field 364, and for that reason, the field mapping requirements for new field 4063 will now include a lock icon that will be used on both the LE and CD for the Loan Identification #.
REFERENCE
1026.37(a)(12)(1) Loan identification number (Loan ID # ) Unique identifier
Section 1026.37(a)(12) requires that the creditor disclose a loan identification number that may be used by the creditor, consumer, and other parties to identify the transaction, labeled as “Loan ID # .” The loan identification number is determined by the creditor, which number may contain any alphanumeric characters. Because the number must allow for the identification of the particular credit transaction under § 1026.37(a)(12), a creditor must use a unique loan identification number, i.e., the creditor may not use the same loan identification number for different, but related, loan transactions (such as different loans to the same borrower). Where a creditor issues a revised Loan Estimate for a transaction, the loan identification number must be sufficient to enable identification of the transaction pursuant to § 1026.37(a)(12).
| Loan Id missing due to this is the intended result. See Logic Per NDEF-25571 |
