16a-1-303.   (UCCC) Residential mortgage loanoriginator; definitions.Other definitions appearing in this act:

      (1)   "Residential mortgage loan originator" means an individual:

      (a)   Who engages in residential mortgage loan origination on behalf of asingle supervisedlender;

      (b)   whose conduct of residential mortgage loan origination is theresponsibility of thelicensed supervised lender;

      (c)   who takes a residential mortgage loan application or offers or negotiatesterms of aresidential mortgage loan for compensation or gain or in the expectation ofcompensation orgain; and

      (d)   whose job responsibilities include contact with borrowers during the loanoriginationprocess, which can include soliciting, negotiating, acquiring, arranging ormaking mortgage loansfor others, obtaining personal or financial information, assisting with thepreparation of loanapplications or other documents, quoting loan rates or terms or providingrequired disclosures. Itdoes not include any individual engaged solely as a loan processor orunderwriter.

      (2)   "Loan processor or underwriter" means an individual who performs clericalor supportduties as an employee at the direction and subject to the supervision andinstruction of a personregistered, or exempt from registration, under this act.

      (a)   For purposes of this subsection, the term "clerical or support duties"may includesubsequent to the receipt of an application:

      (i)   The receipt, collection, distribution and analysis of information commonfor theprocessing or underwriting of a residential mortgage loan; and

      (ii)   communicating with a consumer to obtain the information necessary fortheprocessing or underwriting of a loan, to the extent that such communicationdoes not includeoffering or negotiating loan rates or terms or counseling consumers aboutresidential mortgageloan rates or terms.

      (b)   An individual engaging solely in loan processor or underwriter activitiesshall notrepresent to the public, through advertising or other means of communicating orprovidinginformation including the use of business cards, stationery, brochures, signs,rate lists, or otherpromotional items, that such individual can or will perform any of theactivities of a residentialmortgage loan originator.

      (3)   "Nationwide mortgage licensing system and registry" means a mortgagelicensingsystem developed and maintained by the conference of state bank supervisors andthe Americanassociation of residential mortgage regulators for the licensing andregistration of licensedmortgage loan originators.

      (4)   "Residential mortgage loan" means any loan or contract for deed primarilyforpersonal, family or household use that is secured by a mortgage, deed of trustor other equivalentconsensual security interest on a dwelling, as defined in section 103(v) of thetruth in lending act,15 U.S.C. §1602(v), or residential real estate located in this stateupon which a dwelling isconstructed or intended to be constructed, including the renewal or refinancingof any such loan.

      (5)   "Registrant" means any individual who holds a valid registration toengage inresidential mortgage loan origination in this state.

      (6)   "Unique identifier" means a number or other identifier assigned byprotocolsestablished by the nationwide mortgage licensing system and registry.

      History:   L. 1973, ch. 85, § 13;L. 2009, ch. 29, § 15; July 1.