What is the definition of a loan originator?
A loan originator means an individual who, directly or indirectly: 1. Solicits or offers to solicit a mortgage 2. Accepts or offers to accept an application for a mortgage 3. Negotiates or offers to negotiate the terms or conditions of a new or existing mortgage on behalf of a borrower or lender 4. Processes a mortgage application 5. Negotiates or offers to negotiate the sale of an existing mortgage to a noninstitutional investor for compensation or gain The term includes the activities of a loan originator as defined in the S.A.F.E Mortgage Licensing Act of 2008. Also, an individual acting as a loan originator pursuant to that definition is acting as a loan originator for the purposes of this definition. The term does not include an employee of a mortgage broker or mortgage lender who performs only administrative or clerical tasks, including quoting available interest rates, physically handling a completed application form or transmitting a completed form to a lender on behalf of a pr
