IC 37-2-2-30 — "Mortgage loan originator"
Chapter 2. Definitions
Section text
Sec. 30. "Mortgage loan originator" means an individual who, for compensation or gain, or in the expectation of compensation or gain, regularly engages in taking a mortgage transaction application or in offering or negotiating the terms of a mortgage transaction that either is made under this article or under IC 37-1 or is made by an employee of a person licensed to engage in mortgage transactions or by an employee of a person that is exempt from licensing, while the employee is engaging in the loan brokerage business. The term does not include the following: (1) An individual engaged solely as a loan processor or underwriter as long as the individual works exclusively as an employee of a person licensed to engage in mortgage transactions or as an employee of a person exempt from licensing. However, the term includes an individual who is licensed as a mortgage loan originator under IC 37-1-1 and 750 IAC 9-3 and who is an employee of a person that is not engaged in mortgage transactions as a creditor if that person voluntarily registers with the department to sponsor the individual under IC 37-1-1-6(8), to engage solely as a third party processor or underwriter. (2) Unless the person or entity is compensated by: (A) a creditor; (B) a loan broker; (C) another mortgage loan originator; or (D) any agent of the creditor, loan broker, or other mortgage loan originator described in clauses (A) through (C); a person or entity that only performs real estate brokerage activities and is licensed or registered in accordance with applicable state law. (3) A person solely involved in extensions of credit relating to timeshare plans (as defined in 11 U.S.C. 101(53D)).
As added by P.L.115-2026, SEC.97.
Source: official publisher (2026 edition)