§5103 License or Registration Required

Summary

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.