According to the new rules, under Loan Originator Qualifications,the rule requires loan originators to be licensed AND registered IF required under state or federal law and requires the organizations that hire them to ensure they are licensed OR registered.
We just lost our compliance officer and this is now my responsibility to make sure we are in compliance with the new Dodd Frank revisions.
1. IF required under state or federal law. First, I dont know what Texas requires, but does federal law trump state law? Isnt Dodd Frank a federal law?
2. Who would fit the definition of a loan originator that would not have to be licensed?
Any help is appreciated.