Federal · Title 12 — Banks and Banking
12 U.S.C. § 5103: License or registration required
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a registration as a registered loan originator; or a license and registration as a State-licensed loan originator; and obtaining a unique identifier. A loan processor or underwriter who does not represent 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 any of the activities of a loan originator shall not be required to be a State-licensed loan originator. An independent contractor may not engage in residential mortgage loan origination activities as a loan processor or underwriter unless such independent contractor is a State-licensed loan originator.
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