The examples here are designed to assist into the comprehension of loan processing or underwriting tasks which is why someone is needed to have a S.A.F.E. Act-compliant real estate loan originator permit. The examples in this appendix are not all-inclusive. They illustrate just the issue described plus don’t illustrate just about any conditions that may arise under component 1008. For purposes regarding the examples below, the word вЂњloanвЂќ relates to a mortgage that is residential as defined in В§ 1008.23 with this component.
(a) someone who is that loan processor or underwriter whom must get and continue maintaining a state loan originator license includes:
(1) Any individual that partcipates in the company of that loan originator, as defined in В§ 1008.103 with this component;
(2) Any person that does clerical or help duties and that is a contractor that is independent as those terms are defined in В§ 1008.23;
(3) Any person that gathers, receives, distributes, or analyzes information associated with the creating of a credit choice and that is a contractor that is independent as that term is defined in В§ 1008.23; and
(4) Any individual that communicates by having a customer to acquire information required for creating 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, for instance:
(1) works only clerical or support duties (i.e., the mortgage processor’s or underwriter’s activities try not to consist of, e.g., providing or negotiating loan rates or terms, or guidance borrowers or potential borrowers about loan prices or terms), and whom executes those clerical or help duties in the direction of and susceptible to the direction and instruction of somebody who either: Is certified and registered in conformity with В§ 1008.103(a) (state certification 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 e)(5)(federally registered loan originator), ( ag ag e)(6) ( government workers exclusion), or (e)(7) (nonprofit exclusion).
(2) works just clerical or help duties as a worker of home financing lender or home loan brokerage company, and whom executes those duties at the direction of and susceptible to the direction and instruction of somebody who is utilized because of the employer that is same that is certified in conformity with В§ 1008.103(a) (state certification of loan originators).
(3) Is a worker of that loan processing or underwriting company providing you with loan processing or underwriting services to a single or maybe more mortgage brokers or mortgage brokerage businesses under an agreement amongst the loan processing or underwriting business as well as the mortgage brokers or home loan brokerage businesses, offered the employee works just clerical or help duties and executes those duties just during the direction of and susceptible to the supervision and instruction of the licensed loan originator 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 common for the processing or underwriting of the domestic home mortgage, nor is with in interaction aided by the customer to have information that is such.
(c) to be able to conclude that a person who works clerical or support duties does so during the direction of and susceptible to the guidance and instruction of financing 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 e)(6), or ( ag ag ag e)(7)), there should be a nexus that is actual the licensed or registered loan originator’s (or excluded person’s) way, guidance, and instruction in addition to loan processor or underwriter’s tasks. This actual nexus must certanly be significantly more than a nominal relationship on an organizational chart. For instance, there was an actual nexus whenever:
(1) The supervisory licensed or loan that is registered assigns, authorizes, and monitors the mortgage processor or underwriter worker’s performance of clerical and help duties.
(2) The supervisory licensed or authorized loan originator exercises conventional supervisory duties, including, although not restricted to, working out, mentoring, and assessment of this loan processor or underwriter worker.