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

(a) somebody who is that loan processor or underwriter whom must obtain and keep maintaining a situation loan originator permit includes:

(1) Any individual that partcipates in the business enterprise of that loan originator, as defined in В§ 1008.103 for this part;

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

(3) Any person that collects, gets, distributes, or analyzes information associated with the generating of the credit choice and that is a separate specialist, as that term is defined in В§ 1008.23; and

(4) Any individual that communicates with a consumer to obtain information required for creating a credit choice and who’s a separate specialist, as that term is defined in В§ 1008.23.

(b) A state is not 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 usually do not include, e.g., providing or negotiating loan prices or terms, or guidance borrowers or prospective borrowers about loan prices or terms), and whom does those clerical or support duties during the direction of and susceptible to the guidance and instruction of somebody who either: Is certified and registered in conformity with В§ 1008.103(a) (state certification of loan originators); or is not necessary to be licensed because she or he is excluded through the certification requirement pursuant to В§ 1008.103(e)(2) (time-share exclusion), ( ag e)(5)(federally registered loan originator), ( ag e)(6) ( federal government employees exclusion), or (e)(7) (nonprofit exclusion).

(2) works just clerical or help duties as a worker of a home loan loan provider or home loan brokerage company, and who carries out those duties during the direction of and susceptible to the guidance and instruction of someone who is utilized because of the exact same manager and who’s certified in conformity with В§ 1008.103(a) (state certification of loan originators).

(3) Is a worker of that loan processing or underwriting business providing you with loan processing or underwriting services to at least one or higher mortgage brokers or home loan brokerage organizations under a agreement involving the loan processing or underwriting business while the home loan brokers or home loan brokerage businesses, supplied the employee carries out only 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.

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

(c) so that you can conclude that someone who executes clerical or help duties is performing therefore during the direction of and susceptible to the direction and instruction of financing originator that is certified or registered in conformity with В§ 1008.103 (or, as relevant, a person who is excluded through the certification and registration needs under В§ 1008.103(e)(2), ( ag e)(6), or ( ag e)(7)), there should be a real nexus between the licensed or registered loan originator’s (or excluded individual’s) way, guidance, and instruction as well as the loan processor or underwriter’s activities. This real nexus should be significantly more than a nominal relationship on a chart that is organizational. For instance, have a glance at this web link there clearly 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 registered loan originator workouts conventional supervisory duties, including, although not limited by, working out, mentoring, and evaluation regarding the loan processor or underwriter worker.