Definitions.

CFR · 2024-01-01 · US · Title 12

For purposes of this part, the following definitions apply: (1) 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. (2)(i) The term (A) 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; (B) 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 (C) 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). (ii) Examples of activities that would, and would not, result in an employee meeting the definition of mortgage loan originator are provided in appendix A to this part. (1) Meets the definition of mortgage loan originator and is an employee of a covered financial institution; and (2) Is registered pursuant to this part with, and maintains a unique identifier through, the Registry. (1) Permanently identifies a registered mortgage loan originator; (2) Is assigned by protocols established

official document · source cfr-2024 · id 12:§ 1007.102