12 2 STA T . 2 8 11 PUBLIC LA W 11 0– 28 9—J UL Y3 0 , 2008 adju d ic a te ddi s ci pl i n a ry and en fo rce m ent actions a g ainst , loan originators .(8)E sta b lis h es a means by w hich residential mortgage loan originators would, to the greatest e x tent possible, be re q uired to act in the best interests of the consumer. ( 9 ) F acilitates responsible beha v ior in the subprime mort - gage mar k et place and provides comprehensive training and examination requirements related to subprime mortgage lending. ( 10 ) Facilitates the collection and disbursement of consumer complaints on behalf of S tate and Federal mortgage regulators. SEC.1503 . D E FIN I T I O NS. For purposes of this title, the following definitions shall apply
(1) F ED E RALB A NKI N G AGEN C IE S . —T he term ‘ ‘Federal banking agencies ’ ’ means the B oard of G overnors of the Federal R eserve System, the C omptroller of the Currency, the D irector of the O ffice of Thrift Supervision, the N ational Credit U nion A dministration, and the Federal Deposit I nsurance Corpora- tion. ( 2 )DE PO SI T OR Y INSTIT U TION.—The term ‘‘depository institu- tion’’ has the same meaning as in section 3 of the Federal Deposit Insurance Act, and includes any credit union. (3) L OAN ORIGINATOR.— (A) IN GENERAL.—The term ‘‘loan originator’’— (i) means an individual who— (I) takes a residential mortgage loan applica- tion
and (II) offers or negotiates terms of a residential mortgage loan for compensation or gain; (ii) does not include any individual who is not otherwise described in clause (i) and who performs purely administrative or clerical tasks on behalf of a person who is described in any such clause; (iii) does not include 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 (iv) does not include a person or entity solely involved in extensions of credit relating to timeshare plans, as that term is defined in section 101( 5 3D) of title 11, United States Code. (B) OT H ER DE F INITIONS RELATING TO LOAN ORIGI- NATOR.—For purposes of this subsection, an individual ‘‘assists a consumer in obtaining or applying to obtain a residential mortgage loan’’ by, among other things, advising on loan terms (including rates, fees, other costs), preparing loan packages, or collecting information on behalf of the consumer with regard to a residential mortgage loan. (C) AD M INISTRATI V E OR CLERICAL TASKS.—The term ‘‘administrative or clerical tasks’’ means the receipt, collec- tion, and distribution of information common for the proc- essing or underwriting of a loan in the mortgage industry 12USC5 1 0 2 .
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