Individuals required to be licensed by states.

CFR · 2024-01-01 · US · Title 12

(a) Except as provided in paragraph (e) of this section, in order to operate a S.A.F.E.-compliant program, a state must prohibit an individual from engaging in the business of a loan originator with respect to any dwelling or residential real estate in the state, unless the individual first: (1) Registers as a loan originator through and obtains a unique identifier from the NMLSR, and (2) Obtains and maintains a valid loan originator license from the state. (b) An individual engages in the business of a loan originator if the individual, in a commercial context and habitually or repeatedly: (1)(i) Takes a residential mortgage loan application; and (ii) Offers or negotiates terms of a residential mortgage loan for compensation or gain; or (2) Represents 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 the activities described in paragraph (b)(1) of this section. (c)(1) An individual “takes a residential mortgage loan application” if the individual receives a residential mortgage loan application for the purpose of facilitating a decision whether to extend an offer of residential mortgage loan terms to a borrower or prospective borrower (or to accept the terms offered by a borrower or prospective borrower in response to a solicitation), whether the application is received directly or indi

official document · source cfr-2024 · id 12:§ 1008.103