The Board of Governors of the Federal Reserve System;
The Comptroller of the Currency;
The Director of the Office of Thrift Supervision in the United States Department of the Treasury;
The National Credit Union Administration Board; and
The Board of Directors of the Federal Deposit Insurance Corporation.
(a) “Loan processor or underwriter” means an individual who, after receiving an application, performs clerical or support duties that include:
Receiving, collecting, distributing and analyzing information commonly used in processing or underwriting a residential mortgage loan; or
Communicating with a consumer to obtain information necessary to process or underwrite a residential mortgage loan.
“Loan processor or underwriter” does not include an individual who communicates with a consumer for the purpose of offering or negotiating residential mortgage loan terms with the consumer or offering counsel or consultation to the consumer concerning residential mortgage loan terms or rates.
(a) “Mortgage loan originator” means an individual who, for compensation or gain:
Takes an application for a residential mortgage loan; or
Offers or negotiates terms for a residential mortgage loan.
“Mortgage loan originator” does not include:
An individual who, as an employee or independent contractor, works solely as a loan processor or underwriter;
A person that performs professional real estate activities, as defined in ORS 696.010 (Definitions), unless the person is compensated by a mortgage banker, mortgage broker, mortgage loan originator or lender or an agent of a mortgage banker, mortgage broker, mortgage loan originator or lender;
An individual that extends credit solely in connection with a timeshare plan, as defined in 11 U.S.C. 101(53D); or
An individual who:
Is employed by a person that is licensed by the Director of the Department of Consumer and Business Services; and
Collects or receives payments on behalf of a person that holds a residential mortgage, including payments of principal, interest, escrow amounts and other amounts due on obligations that under the terms of the note are due and owed to the person that holds the residential mortgage.
“Nationwide Mortgage Licensing System and Registry” means a system that the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators maintain to register and license mortgage loan originators.
“Nontraditional mortgage” means a mortgage other than a 30-year fixed-rate mortgage or a mortgage that the director by rule defines as a nontraditional mortgage.
“Registered mortgage loan originator” means an individual who:
Is employed by:
A depository institution;
A subsidiary of a depository institution that is regulated by a federal banking agency; or
An institution that is regulated by the Farm Credit Administration;
Performs the duties of a mortgage loan originator; and
Complies with the registration requirements set forth in 12 U.S.C. 5106.
“Residential mortgage loan” means a loan that is secured by a mortgage, deed of trust or equivalent consensual security interest on four or fewer residential dwelling units, including but not limited to individual dwelling units, mobile homes, condominiums or cooperatives that are planned for or situated on real property in this state.
“Unique identifier” means a number or other means of identification that is assigned by or under protocols established by the Nationwide Mortgage Licensing System and Registry. [2009 c.863 §1]