Loan originator definition

Loan originator. The entity that closes a Mortgage Loan in its own name.
Loan originator means a natural person who, in exchange for compensation or gain or in the expectation of compensation or gain as an employee of a licensed mortgage lender, solicits, negotiates, accepts, or offers to accept applications for mortgage loans, including electronic applications, or includes direct contact with, or informing mortgage loan applicants of, the rates, terms, disclosures, and other aspects of the mortgage loan. The definition of ‘loan originator’ does not include an exempt person described in item (16) or a person solely involved in extensions of credit relating to timeshare plans, as that term is defined in Section 101(53D) of Title 11, United States Code. The definition of loan originator does not apply to an individual servicing a mortgage loan as that term is defined in this chapter until July 31, 2011, unless the United States Department of Housing and Urban Development or a court of competent jurisdiction determines before that time that those individuals servicing mortgage loans are ‘loan originators’ as that term is defined in the SAFE Act pursuant to Section 1508 of Title V of The Housing and Economic Recovery Act of 2008, Public Law 110‑289. Solely acquiring and reviewing a credit report does not constitute acting as a loan originator.

Examples of Loan originator in a sentence

  • Any Claim when, as of the date of such Claim, construction of the Property had not been completed in accordance with the construction plans and specifications approved by the Loan originator at the time the Loan was originated or in accordance with the Original Appraisal.

  • Confirm that the revised GFE was delivered to the borrower within three (3) business days of (i) the Loan originator receiving information sufficient to establish the Changed Circumstances, or (ii) the borrower locking in a new rate.

  • Confirm through NMLS the Loan originator and originating firm’s license status was active and properly disclosed on appropriate Loan documents.

  • If applicable, determine the cost for the Loan originator to cure tolerance or other violations, and verify documentation of appropriate restitution to the borrower.

  • Loan originator A is a manager who originates loans only occasionally.

More Definitions of Loan originator

Loan originator. As defined in the Sale and Servicing Agreement.”
Loan originator means any natural person who,
Loan originator means any natural person who, for
Loan originator means the same as mortgage loan originator. "Loan processor." See WAC 208-620-011.
Loan originator means the same as mortgage loan orig- inator.
Loan originator means a person employed, either directly or
Loan originator or "mortgage loan originator" means a natural person who for direct or indirect compensation or gain, or in the expectation of direct or indirect compensation or gain: