Title 12 — Banks and BankingRelease 119-73

§5103 License or registration required

Title 12 › Chapter CHAPTER 51— - SECURE AND FAIR ENFORCEMENT FOR MORTGAGE LICENSING › § 5103

Last updated Apr 6, 2026|Official source

Summary

If a state has rules for licensing or registration, you cannot work as a loan originator unless you first get and keep a registration every year as a registered loan originator or you get both a state license and registration as a state-licensed loan originator. You also must have a unique identifier. A loan processor or underwriter who does not hold themself out to the public as able to do loan originator work does not need a state license. But an independent contractor cannot do residential mortgage loan origination as a processor or underwriter unless they are a state-licensed loan originator.

Full Legal Text

Title 12, §5103

Banks and Banking — Source: USLM XML via OLRC

(a)Subject to the existence of a licensing or registration regime, as the case may be, an individual may not engage in the business of a loan originator without first—

(1)obtaining, and maintaining annually—

(A)a registration as a registered loan originator; or

(B)a license and registration as a State-licensed loan originator; and

(2)obtaining a unique identifier.

(b)(1)A loan processor or underwriter who does not represent to the public, through advertising or other means of communicating or providing information (including the use of business cards, stationery, brochures, signs, rate lists, or other promotional items), that such individual can or will perform any of the activities of a loan originator shall not be required to be a State-licensed loan originator.

(2)An independent contractor may not engage in residential mortgage loan origination activities as a loan processor or underwriter unless such independent contractor is a State-licensed loan originator.

Reference

Citations & Metadata

Citation

12 U.S.C. § 5103

Title 12 — Banks and Banking

Last Updated

Apr 6, 2026

Release point: 119-73