Section 397-A:3 License Required.
I. Any person not exempt under RSA 397-A:4 that, in its own name or on behalf of other persons, engages in the business of making or brokering mortgage loans secured by real property located in this state shall be required to obtain a license from the department. Persons licensed as mortgage bankers may engage in the mortgage broker business without obtaining a separate license.
II. It is unlawful for any individual to transact business in this state as an originator unless such individual is licensed under this chapter. An individual shall not engage in the business of a mortgage loan originator with respect to any dwelling without first obtaining and maintaining annually a license under this chapter and each licensed mortgage loan originator shall register with and obtain and maintain a valid unique identifier issued by the Nationwide Mortgage Licensing System and Registry. Under this chapter, an originator's license is only in effect when such originator is associated with a particular licensed mortgage banker, servicer, or broker.
II-a. A loan processor or underwriter who is an independent contractor may not engage in the activities of a loan processor or underwriter unless such independent contractor loan processor or underwriter obtains and maintains a license. Each independent contractor loan processor or underwriter licensed as a mortgage loan originator must have and maintain a valid unique identifier issued by the Nationwide Mortgage Licensing System and Registry.
III. It is unlawful for any mortgage banker or mortgage broker to employ, retain, or otherwise engage an originator unless the originator is licensed. No originator shall at any time represent more than one mortgage banker or mortgage broker. Before an individual begins activities that require licensure as an originator in this state, the originator and the mortgage banker or mortgage broker who employs or retains the originator shall file an application with the commissioner to license the originator in this state. When an individual ceases to be employed or retained as an originator by a mortgage banker or mortgage broker, the originator's license shall terminate and the mortgage banker or mortgage broker shall notify the commissioner within 15 calendar days. If the mortgage banker or mortgage broker ceases to be licensed under this chapter for any reason, the licenses of originators employed or retained by the mortgage banker or mortgage broker shall terminate unless an originator's license is suspended, revoked or transferred to another licensed mortgage banker or mortgage broker.
IV. A branch office of a mortgage banker or mortgage broker shall be licensed prior to conducting business at such location.
Source. 1987, 339:1. 2005, 255:3, eff. Sept. 12, 2005. 2008, 333:1, eff. Apr. 1, 2009. 2009, 290:16-18, eff. July 31, 2009.