Sacramento Report
May 15, 2012
Mortgage Loan Originator Definition
The California Department of Corporations has clarified that a person is exempt from licensing as a mortgage loan originator if they work solely for a lender that offers or negotiates loans terms solely though third party licensed mortgage loan originators and not to borrowers or potential borrowers. In other words, wholesale account executives who do not deal with the public could fall under the exemption.
Licensing information for Mortgage Loan Originators can be found in Frequently Asked Questions on the California Department of Corporations site.
