"Loan processing activities"

Sec. 18. (a) "Loan processing activities" means clerical or support duties performed on behalf of a loan broker with respect to residential mortgage loan origination activities performed by the loan broker. (b) The term "loan processing activities" includes the following: (1) The receipt, collection, distribution, and analysis of information commonly used in the processing of a residential mortgage loan. (2) Communicating with a borrower or potential borrower to obtain the information necessary for the processing of a residential mortgage loan, to the extent that the communication does not include: (A) offering or negotiating loan rates or terms; or (B) counseling borrowers or potential borrowers about residential mortgage loan rates or terms. As added by P.L.175-2019, SEC.2.