Title 12 › CHAPTER 51 — SECURE AND FAIR ENFORCEMENT FOR MORTGAGE LICENSING › § 5103
If a state has a license or registration system, you may not work as a loan originator unless you first get and renew each year either a registered loan originator registration or a state license plus registration. You must also get a unique ID number. A loan processor or underwriter who works under supervision and does not tell the public (for example on business cards or ads) that they can do loan originator tasks does not need a state license. An independent contractor may not do residential mortgage loan origination activities as a processor or underwriter unless they are a state-licensed loan originator.
Full Legal Text
Banks and Banking, Source: USLM XML via OLRC
Reference
Citation
12 U.S.C. § 5103
Title 12, Banks and Banking
Last Updated
Sep 22, 2026
Release point: 119-110