NREC adds License numbers to searches to meet TRID Compliance Rules

In order to make compliance with the new TRID requirements regarding agent license numbers on the new financial disclosure forms easier, the Commission is now including license numbers on the information provided on our website for individual licensee searches.  Click on the “Licensee & Applicant Information Search” on the left side of the Commission homepage to access the licensee search function.  The license numbers are displayed on the lower right of on the individual licensee information pages.

The TRID requirements from the Consumer Finance Protection Bureau regarding the paperwork required for closing  most consumer credit transactions secured by real property, such as a traditional residential mortgage require real estate licensees acting as agents in the transaction to provide their individual salesperson’s or broker’s license number. In the past we have generally advised licensees to keep their license numbers private, however, they will need to provide them to the lending institutions under the new law. The forms also ask for a “State License ID”. This has been interpreted or referred to shorthand as a company ID or broker ID or license number.  The Commission does not issue a “State License ID” to brokerage companies, and some lenders do not ask for it on the form.  However some lenders do request a company or broker ID, in those instances  the designated broker’s individual license number should be provided.  The designated broker’s license number is also available on our website through the individual licensee search function. 

Written and Published by: VanEd

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