SAFE Act – In Regulation G, how is “mortgage loan originator” defined?

Compliance > Regulation G - SAFE Act
Q:  In Regulation G, how is “mortgage loan originator” defined?
  
 
A: Mortgage loan originator means an individual who:
 
  • Takes a residential mortgage loan application; and
  • Offers or negotiates terms of a residential mortgage loan for compensation or gain.
 
The term mortgage loan originator does not include:
  • An individual who performs purely administrative or clerical tasks on behalf of an individual who is described as a mortgage loan originator in this section;
  • An individual who only performs real estate brokerage activities (as defined in 12 U.S.C. 5102(4)(D)) and is licensed or registered as a real estate broker in accordance with applicable state law, unless the individual is compensated by a lender, a mortgage broker, or other mortgage loan originator or by any agent of such lender, mortgage broker, or other mortgage loan originator, and meets the definition of mortgage loan originator in this section; or
  • An individual or entity solely involved in extensions of credit related to timeshare plans, as that term is defined in 11 U.S.C. 101(53D).
 
 
This can be found in the Bureau of Consumer Financial Protection’s Regulation G, 12 CFR 1007, which may be found here:   https://www.ecfr.gov/cgi-bin/text-idx?SID=1b79f32f7881a1ba9f373f9eefbc84e8&mc=true&node=se12.8.1007_1101&rgn=div8
 

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