State-Licensed Loan Originator Law and Legal Definition
According to 12 USCS § 5102 (11), the term State-licensed loan originator means “any individual who-- (A) is a loan originator; (B) is not 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
(C) is licensed by a State or by the Secretary under section 1508 [12 USCS § 5107] and registered as a loan originator with, and maintains a unique identifier through, the Nationwide Mortgage Licensing System and Registry.”
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
