Does a “loan processor or underwriter” need to obtain a mortgage loan originator license?
A. Generally no. The term “loan processor or underwriter” is defined under Chapter 255F as someone who performs mostly clerical or support duties under the direction of a licensed mortgage loan originator and does not hold themselves out in advertising or other means as being able to perform the duties of a mortgage loan originator. Such loan processors or underwriters are exempt from having to obtain a license as a mortgage loan originator unless they are working as an independent contractor, in which case they must obtain a license, regardless of the nature of their duties.
