Home Mortgage Disclosure Act (HMDA)/Reg C

If a commercial loan officer originates the loan, is there a "not applicable" option for the NMLSR ID field?

Yes, an option for indicating "not applicable" is provided. However, if a commercial loan originator is originating a covered loan under Regulation C, it would be prudent to ensure the loan originator is not required to be licensed or registered with the NMLSR for the particular transaction being reported. Commentary under Regulation C regarding this issue is cited below in the citations provided, and is summarized as follows:

An NMLSR ID for the mortgage loan originator is not required to be reported if the mortgage loan originator is not required to be obtained and therefore not assigned. For example, certain individual mortgage loan originators may not be required to obtain an NMLSR ID for the particular transaction being reported by the financial institution, such as a commercial loan. However, some mortgage loan originators may have obtained an NMLSR ID even if they are not required to obtain one for that particular transaction. If a mortgage loan originator has been assigned an NMLSR ID, a financial institution complies by reporting the mortgage loan originator's NMLSR ID regardless of whether the mortgage loan originator is required to obtain an NMLSR ID for the particular transaction being reported by the financial institution. In the event that the mortgage loan originator is not required to obtain and has not been assigned an NMLSR ID, a financial institution complies by reporting that the requirement is not applicable.

You should also refer to the SAFE Act (Regulations G & H), state licensing laws and your legal/compliance professionals for the determination of any required licensing applicable to the specific transactions reportable under HMDA.

Citation(s):Commentary ¶4(a)(34)-2; 12 CFR 1007.102 (Regulation G); 12 CFR 1008.23 (Regulation H); 12 USC 5101 (SAFE Act); State Law