Loan Originator

Loan Originator

For purposes of providing the Loan Originator information on Form 65, Uniform Residential Loan Application, and delivering the ULDD Data Point Loan Originator Type only, Loan Originator shall have the same meaning as the term defined in section 1503 of the Secure and Fair Enforcement for Mortgage Licensing Act (as may be amended from time to time). The current SAFE Act defines a Loan Originator as 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. The current SAFE Act excludes from the definition of Loan Originator the following: (i) [an] individual who is not otherwise a Loan Originator as described above and who performs purely administrative or clerical tasks on behalf of such a person (ii) a person or entity that only performs real estate brokerage activities and is licensed or registered in accordance with applicable State law, unless the person or entity is compensated by a lender, a mortgage broker, or other Loan Originator or by any agent of such lender, mortgage broker, or other Loan Originator; and (iii) a person or entity 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.