12 U.S. Code § 5102 - Definitions
For purposes of this chapter, the following definitions shall apply:
(2) Federal banking agency
The term “Federal banking agency” means the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the National Credit Union Administration, and the Federal Deposit Insurance Corporation.
(3) Depository institution
The term “depository institution” has the same meaning as in section 1813 of this title, and includes any credit union.
(4) Loan originator
(A) In general
The term “loan originator”—
(i) means an individual who—
(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
(B) Other definitions relating to loan originator
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.
(C) Administrative or clerical tasks
The term “administrative or clerical tasks” means the receipt, collection, and distribution of information common for the processing or underwriting of a loan in the mortgage industry and communication with a consumer to obtain information necessary for the processing or underwriting of a residential mortgage loan.
(D) Real estate brokerage activity defined
The term “real estate brokerage activity” means any activity that involves offering or providing real estate brokerage services to the public, including—
(i) acting as a real estate agent or real estate broker for a buyer, seller, lessor, or lessee of real property;
(ii) bringing together parties interested in the sale, purchase, lease, rental, or exchange of real property;
(iii) negotiating, on behalf of any party, any portion of a contract relating to the sale, purchase, lease, rental, or exchange of real property (other than in connection with providing financing with respect to any such transaction);
(iv) engaging in any activity for which a person engaged in the activity is required to be registered or licensed as a real estate agent or real estate broker under any applicable law; and
(5) Loan processor or underwriter
(A) In general
The term “loan processor or underwriter” means an individual who performs clerical or support duties at the direction of and subject to the supervision and instruction of—
(B) Clerical or support duties
For purposes of subparagraph (A), the term “clerical or support duties” may include—
(i) the receipt, collection, distribution, and analysis of information common for the processing or underwriting of a residential mortgage loan; and
(6) Nationwide mortgage licensing system and registry
The term “Nationwide Mortgage Licensing System and Registry” means a mortgage licensing system developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators for the State licensing and registration of State-licensed loan originators and the registration of registered loan originators or any system established by the Director under section 5108 of this title.
(7) Nontraditional mortgage product
The term “nontraditional mortgage product” means any mortgage product other than a 30-year fixed rate mortgage.
(8) Registered loan originator
The term “registered loan originator” means any individual who—
(A) meets the definition of loan originator and is an employee of—
(ii) a subsidiary that is—
(9) 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)  of title 15) or residential real estate upon which is constructed or intended to be constructed a dwelling (as so defined).
The term “Director” means the Director of the Bureau of Consumer Financial Protection.
The term “State” means any State of the United States, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virgin Islands, and the Northern Mariana Islands.
(12) State-licensed loan originator
The term “State-licensed loan originator” means any individual who—
(B) is not an employee of—
(ii) a subsidiary that is—
(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.
(13) Unique identifier
(A) In general
The term “unique identifier” means a number or other identifier that—
(ii) is assigned by protocols established by the Nationwide Mortgage Licensing System and Registry and the Bureau to facilitate electronic tracking of loan originators and uniform identification of, and public access to, the employment history of and the publicly adjudicated disciplinary and enforcement actions against loan originators; and
 See References in Text note below.
Source(Pub. L. 110–289, div. A, title V, § 1503,July 30, 2008, 122 Stat. 2811; Pub. L. 111–203, title X, § 1100(2)–(4), July 21, 2010, 124 Stat. 2106.)
References in Text
Section 1602 (v) of title 15, referred to in par. (9), was redesignated section 1602 (w) of title 15 by Pub. L. 111–203, title X, § 1100A(1)(A),July 21, 2010, 124 Stat. 2107.
2010—Pub. L. 111–203, § 1100(4)(A), redesignated pars. (2) to (12) as (3) to (13), respectively.
Par. (1). Pub. L. 111–203, § 1100(4)(B), added par. (1) and struck out former par. (1). Prior to amendment, text read as follows: “The term ‘Federal banking agencies’ means the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the Director of the Office of Thrift Supervision, the National Credit Union Administration, and the Federal Deposit Insurance Corporation.”
Par. (2). Pub. L. 111–203, § 1100(4)(B), added par. (2). Former par. (2) redesignated (3).
Par. (5). Pub. L. 111–203, § 1100(3), substituted “Director” for “Secretary”.
Par. (10). Pub. L. 111–203, § 1100(4)(C), added par. (10) and struck out former par. (10). Prior to amendment, text read as follows: “The term ‘Secretary’ means the Secretary of Housing and Urban Development.”
Par. (11)(C). Pub. L. 111–203, § 1100(3), substituted “Director” for “Secretary”.
Par. (12)(A)(ii). Pub. L. 111–203, § 1100(2), substituted “Bureau” for “Federal banking agencies”.
Effective Date of 2010 Amendment
Amendment by Pub. L. 111–203effective on the designated transfer date, see section 1100H ofPub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees.
Termination of Trust Territory of the Pacific Islands