Registered Loan Originator Law and Legal Definition

According to 12 USCS § 5102 (7), the term registered loan originator means “any individual who--

(A) meets the definition of loan originator and is an employee of--

(i) a depository institution;

(ii) a subsidiary that is--

(I) owned and controlled by a depository institution; and

(II) regulated by a Federal banking agency; or

(iii) an institution regulated by the Farm Credit Administration; and

(B) is registered with, and maintains a unique identifier through, the Nationwide Mortgage Licensing System and Registry.”