Hello All!

Quick question regarding activities that constitute being a loan originator requiring registration/licensing...

Application taken by LO
W-2's obtained, but 1003 information does not match W-2 info.
Do you allow the processor to call and verify the employment info with the borrower or do you require the registered/licensed LO to do that?

We are having some back and forth on what our LO's need to be doing, but are pushing to the processors who are not licensed or registered with the NMLS.

Thoughts?

If the processors aren't negotiating terms of the loan, or taking the application, doesn't sound like you have an issue. They're pursuing documentation, and just sounds like an internal operations decision to be made. Our lenders generally prefer to be the point of contact with their borrowers, but occasionally processors need to step in and take care of business themselves.

Licensing is a State law issue.


For registration:

Mortgage loan originator means

(1) An individual who:

(i) Takes a residential mortgage loan application; and

(ii) Offers or negotiates terms of a residential mortgage loan for compensation or gain.

Many thanks to you both!!