» Appendix C to role 1008 – separate Contractors and Loan Processor and Underwriter Activities that need a State real estate loan Originator License

The examples listed here are created to assist within the knowledge of loan processing or underwriting tasks which is why a person is needed to obtain a S.A.F.E. Act-compliant home loan originator permit. The examples in this appendix aren’t all-inclusive. They illustrate just the issue described and don’t illustrate just about any conditions that may arise under component 1008. For purposes associated with examples below, the word “loan” relates to a domestic home mortgage as defined in В§ 1008.23 with this component.

(a) someone who is that loan processor or underwriter whom must obtain and keep a state loan originator permit includes:

(1) Any person that partcipates in business of financing originator, as defined in В§ 1008.103 of this component;

(2) Any individual that does clerical or help duties and who is a independent specialist, as those terms are defined in В§ 1008.23;

(3) Any individual that gathers, gets, distributes, or analyzes information associated with the generating of a credit decision and that is a separate contractor, as that term is defined in В§ 1008.23; and

(4) Any person that communicates with a customer to have information essential for building a credit choice and that is a contractor that is independent as that term is defined in В§ 1008.23.

(b) a situation isn’t needed to impose S.A.F.E. Act certification demands on any specific loan processor or underwriter whom, as an example:

(1) works just clerical or help duties (i.e., the mortgage processor’s or underwriter’s tasks do not consist of, e.g., providing or loan that is negotiating or terms, or counseling borrowers or potential borrowers about loan prices or terms), and whom carries out those clerical or help duties during the direction of and susceptible to the click the link now guidance and instruction of somebody who either: Is certified and registered in conformity with В§ 1008.103(a) (state licensing of loan originators); or perhaps is not necessary to be certified she is excluded from the licensing requirement pursuant to В§ 1008.103(e)(2 because he or) (time-share exclusion), ( ag ag ag e)(5)(federally registered loan originator), ( e)(6) ( federal federal government workers exclusion), or (e)(7) (nonprofit exclusion).

(2) works just clerical or support duties as a worker of a home loan loan provider or home loan brokerage company, and whom carries out those duties during the direction of and susceptible to the guidance and instruction of a person who is utilized by the employer that is same that is certified in conformity with В§ 1008.103(a) (state certification of loan originators).

(3) Is an employee of a loan processing or underwriting business providing you with loan processing or underwriting services to 1 or higher home loan brokers or home loan brokerage organizations under an agreement amongst the loan processing or underwriting business therefore the lenders or home loan brokerage businesses, offered the employee executes just clerical or support duties and executes those duties only during the direction of and susceptible to the direction and instruction of the loan that is licensed employee of the identical loan processing and underwriting business.

(4) Is someone who will not otherwise perform those activities of that loan originator and it is perhaps perhaps not active in the receipt, collection, circulation, or analysis of data typical for the processing or underwriting of a domestic home mortgage, nor is with in interaction aided by the customer to get such information.

(c) so that you can conclude that a person who carries out clerical or help duties has been doing therefore during the direction of and susceptible to the guidance and instruction of that loan originator who’s certified or registered in conformity with В§ 1008.103 (or, as relevant, someone who is excluded through the certification and enrollment needs under В§ 1008.103(e)(2), ( ag ag e)(6), or ( ag e)(7)), there has to be a actual nexus between the licensed or registered loan originator’s (or excluded individual’s) way, direction, and instruction while the loan processor or underwriter’s tasks. This real nexus should be significantly more than a nominal relationship for an organizational chart. For instance, there was a genuine nexus when:

(1) The supervisory licensed or registered loan originator assigns, authorizes, and monitors the mortgage processor or underwriter worker’s performance of clerical and help duties.

(2) The supervisory licensed or subscribed loan originator workouts conventional supervisory duties, including, however restricted to, working out, mentoring, and assessment regarding the loan processor or underwriter worker.