Appendix C to role 1008 – separate Contractors and Loan Processor and Underwriter Activities that need a situation home loan Originator License
The examples listed here are created to assist in the comprehension of loan underwriting or processing tasks which is why someone 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 some other problems that may arise under component 1008. For purposes associated with the examples below, the word вЂњloanвЂќ describes a mortgage that is residential as defined in В§ ۱۰۰۸.۲۳ with this component.
(a) somebody who is that loan processor or underwriter whom must get and continue maintaining a state loan originator permit includes:
(۱) Any person that partcipates in the business enterprise of that loan originator, as defined in В§ ۱۰۰۸.۱۰۳ with this component;
(۲) Any person that works clerical or help duties and who is a separate specialist, as those terms are defined in В§ ۱۰۰۸.۲۳;
(۳) Any individual that gathers, receives, distributes, or analyzes information associated with the creating of a credit choice and who’s a independent specialist, as that term is defined in В§ ۱۰۰۸.۲۳; and
(۴) Any individual that communicates by having a customer to get information required for creating a credit choice and that is a separate specialist, as that term is defined in В§ ۱۰۰۸.۲۳.
(b) a situation is not needed to impose S.A.F.E. Act certification needs on any specific loan processor or underwriter whom, as an example:
(۱) works just clerical or support duties (i.e., the mortgage processor’s or underwriter’s activities usually do not add, e.g., offering or loan that is negotiating or terms, or guidance borrowers or potential borrowers about loan prices or terms), and whom works those clerical or help duties at the direction of and susceptible to the direction and instruction of somebody who either: Is licensed and registered in conformity with В§ ۱۰۰۸.۱۰۳(a) (state certification of loan originators); or is not necessary to be certified because she or he is excluded through the certification requirement pursuant to В§ ۱۰۰۸.۱۰۳(e)(2) (time-share exclusion), ( ag e)(5)(federally registered loan originator), ( ag e)(6) ( federal federal government workers exclusion), or (e)(7) (nonprofit exclusion).
(۲) works just clerical or support duties as a worker of a home loan loan provider or home loan brokerage company, and whom works those duties in the direction of and susceptible to the direction and instruction of somebody who is utilized because of the exact same company and who’s certified in conformity with В§ ۱۰۰۸.۱۰۳(a) (state certification of loan originators).
(۳) Is a member of staff of that loan processing or underwriting business providing you with loan processing or underwriting services to at least one or higher lenders or home loan brokerage firms under a agreement involving the loan processing or underwriting business while the home loan brokers or home loan brokerage companies, payday loans in Montana supplied the employee executes just clerical or help duties and executes those duties just during the direction of and susceptible to the guidance and instruction of a loan that is licensed worker of the identical loan processing and underwriting business.
(۴) Is somebody who will not otherwise perform the actions of that loan originator and it is not mixed up in receipt, collection, circulation, or analysis of data typical for the processing or underwriting of a domestic home mortgage, nor is with in interaction using the customer to acquire information that is such.
(c) to be able to conclude that someone who does clerical or help duties is performing therefore during the direction of and susceptible to the guidance and instruction of financing originator that is certified or registered in conformity with В§ ۱۰۰۸.۱۰۳ (or, as relevant, someone who is excluded through the certification and enrollment needs under В§ ۱۰۰۸.۱۰۳(e)(2), ( ag ag e)(6), or ( ag e)(7)), there should be a nexus that is actual the licensed or registered loan originator’s (or excluded person’s) direction, direction, and instruction and also the loan processor or underwriter’s activities. This actual nexus should be significantly more than a nominal relationship for an organizational chart. As an example, there clearly was a genuine nexus whenever:
(۱) The supervisory licensed or loan that is registered assigns, authorizes, and monitors the mortgage processor or underwriter worker’s performance of clerical and support duties.
(۲) The supervisory licensed or subscribed loan originator workouts traditional supervisory duties, including, although not restricted to, working out, mentoring, and assessment of this loan processor or underwriter worker.