Loan Originator Law and Legal Definition
According to 12 USCS § 5102 (3) (A), in general, 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 section 101(53D) of title 11, United States Code.”
Legal Definition list
Related Legal Terms
- Acquisition and Improvement Loan [Veterans' Relief]
- Acquisition Loan [HUD]
- Acquisition, Development and Construction (ADC) Loan
- Adjustable Rate Mortgage Loan
- Administrative Cost of Issuing a Loan Guarantee
- Air Loan
- Allowance for Loan and Lease Losses
- Alternative Originator [Education]
- Amortized Loan
- Automatic Premium Loan Option
