loan originator

(A)The term “loan originator”— (i)means an individual who— (I)takes a residential mortgage loan application; and (II)offers or negotiates terms of a residential mortgage loan for compensation or gain; (ii)does not include any individual who is not otherwise described in clause (i) and who performs purely administrative or clerical tasks on behalf of a person who is described in any such clause; (iii)does not include a person or entity that only performs real estate brokerage activities and is licensed or registered in accordance with applicable State law, unless the person or entity is compensated by a lender, a mortgage broker, or other loan originator or by any agent of such lender, mortgage broker, or other loan originator; and (iv)does not include a person or entity solely involved in extensions of credit relating to timeshare plans, as that term is defined in. (B)For purposes of this subsection, an individual “assists a consumer in obtaining or applying to obtain a residential mortgage loan” by, among other things, advising on loan terms (including rates, fees, other costs), preparing loan packages, or collecting information on behalf of the consumer with regard to a residential mortgage loan.

Source

12 USC § 5102(4)(A)


Scoping language

For purposes of this chapter
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