§ 5102. Definitions
For purposes of this chapter, the following definitions shall apply:
(1)
Federal banking agencies
The term “Federal banking agencies” means the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the Director of the Office of Thrift Supervision, the National Credit Union Administration, and the Federal Deposit Insurance Corporation.
(2)
Depository institution
The term “depository institution” has the same meaning as in section
1813 of this title, and includes any credit union.
(3)
Loan originator
(A)
In general
The term “loan originator”—
(ii)
does not include any individual who is not otherwise described in clause (i) and who performs purely administrative or clerical tasks on behalf of a person who is described in any such clause;
(iii)
does not include a person or entity that only performs real estate brokerage activities and is licensed or registered in accordance with applicable State law, unless the person or entity is compensated by a lender, a mortgage broker, or other loan originator or by any agent of such lender, mortgage broker, or other loan originator; and
(B)
Other definitions relating to loan originator
For purposes of this subsection, an individual “assists a consumer in obtaining or applying to obtain a residential mortgage loan” by, among other things, advising on loan terms (including rates, fees, other costs), preparing loan packages, or collecting information on behalf of the consumer with regard to a residential mortgage loan.
(C)
Administrative or clerical tasks
The term “administrative or clerical tasks” means the receipt, collection, and distribution of information common for the processing or underwriting of a loan in the mortgage industry and communication with a consumer to obtain information necessary for the processing or underwriting of a residential mortgage loan.
(D)
Real estate brokerage activity defined
The term “real estate brokerage activity” means any activity that involves offering or providing real estate brokerage services to the public, including—
(i)
acting as a real estate agent or real estate broker for a buyer, seller, lessor, or lessee of real property;
(ii)
bringing together parties interested in the sale, purchase, lease, rental, or exchange of real property;
(iii)
negotiating, on behalf of any party, any portion of a contract relating to the sale, purchase, lease, rental, or exchange of real property (other than in connection with providing financing with respect to any such transaction);
(4)
Loan processor or underwriter
(A)
In general
The term “loan processor or underwriter” means an individual who performs clerical or support duties at the direction of and subject to the supervision and instruction of—
(5)
Nationwide mortgage licensing system and registry
The term “Nationwide Mortgage Licensing System and Registry” means a mortgage licensing system developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators for the State licensing and registration of State-licensed loan originators and the registration of registered loan originators or any system established by the Secretary under section
5108 of this title.
(6)
Nontraditional mortgage product
The term “nontraditional mortgage product” means any mortgage product other than a 30-year fixed rate mortgage.
(7)
Registered loan originator
The term “registered loan originator” means any individual who—
(8)
Residential mortgage loan
The term “residential mortgage loan” means any loan primarily for personal, family, or household use that is secured by a mortgage, deed of trust, or other equivalent consensual security interest on a dwelling (as defined in section
1602
(v) of title
15) or residential real estate upon which is constructed or intended to be constructed a dwelling (as so defined).
(10)
State
The term “State” means any State of the United States, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virgin Islands, and the Northern Mariana Islands.
(11)
State-licensed loan originator
The term “State-licensed loan originator” means any individual who—
(C)
is licensed by a State or by the Secretary under section
5107 of this title and registered as a loan originator with, and maintains a unique identifier through, the Nationwide Mortgage Licensing System and Registry.
(12)
Unique identifier
(A)
In general
The term “unique identifier” means a number or other identifier that—
(ii)
is assigned by protocols established by the Nationwide Mortgage Licensing System and Registry and the Federal banking agencies to facilitate electronic tracking of loan originators and uniform identification of, and public access to, the employment history of and the publicly adjudicated disciplinary and enforcement actions against loan originators; and