Question

The NMLS unique identifier of a loan originator organization and the individual MLO involved in a transaction must, under TILA, be disclosed on all of the following, EXCEPT the:

A) Loan application.
B) Note or contract.
C) Closing disclosure.
D) Promissory note.

Answer 1

Under TILA, the NMLS unique identifier must be disclosed on the loan application, note or contract, and closing disclosure but not on the promissory note.

Step-by-step explanation:

The question concerns the disclosure requirements for the National Mortgage Licensing System (NMLS) unique identifier of a loan originator organization and the individual Mortgage Loan Originator (MLO) as mandated by the Truth in Lending Act (TILA). According to TILA, the NMLS identifier must be disclosed on specific documents within a mortgage transaction. In this case, the identifiers must be disclosed on the loan application, the note or contract, and the closing disclosure. However, they are not required to be disclosed on the promissory note. Therefore, the correct answer to which document does not require the NMLS identifier according to TILA is D) Promissory note.