12 U.S.C. § 5103
Subject to the existence of a licensing or registration regime, as the case may be, an individual may not engage in the business of a loan originator without first-
A loan processor or underwriter who does not represent to the public, through advertising or other means of communicating or providing information (including the use of business cards, stationery, brochures, signs, rate lists, or other promotional items), that such individual can or will perform any of the activities of a loan originator shall not be required to be a State-licensed loan originator.
An independent contractor may not engage in residential mortgage loan origination activities as a loan processor or underwriter unless such independent contractor is a State-licensed loan originator.
12 U.S.C. § 5103
- State-licensed loan originator
- The term "State-licensed loan originator" means any individual who-(A) is a loan originator;(B) is not an employee of-(i) a depository institution;(ii) a subsidiary that is-(I) owned and controlled by a depository institution; and(II) regulated by a Federal banking agency; or(iii) an institution regulated by the Farm Credit Administration; and(C) is licensed by a State or by the Director under section 5107 of this title and registered as a loan originator with, and maintains a unique identifier through, the Nationwide Mortgage Licensing System and Registry.
- registered loan originator
- The term "registered loan originator" means any individual who-(A) meets the definition of loan originator and is an employee of-(i) a depository institution;(ii) a subsidiary that is-(I) owned and controlled by a depository institution; and(II) regulated by a Federal banking agency; or(iii) an institution regulated by the Farm Credit Administration; and(B) is registered with, and maintains a unique identifier through, the Nationwide Mortgage Licensing System and Registry.
- residential mortgage loan
- The term "residential mortgage loan" means any loan primarily for personal, family, or household use that is secured by a mortgage, deed of trust, or other equivalent consensual security interest on a dwelling (as defined in section 1602(v) 1 of title 15) or residential real estate upon which is constructed or intended to be constructed a dwelling (as so defined).