Virginia Administrative Code
Title 10 - FINANCE AND FINANCIAL INSTITUTIONS
Agency 5 - STATE CORPORATION COMMISSION
Chapter 161 - MORTGAGE LOAN ORIGINATORS
Section 10VAC5-161-20 - Individuals subject to licensure
Universal Citation: 0 VA Admin Code 5-161-20
Current through Register Vol. 41, No. 3, September 23, 2024
A. Unless exempt from licensure pursuant to subsection B of § 6.2-1701 of the Code of Virginia, the following individuals who engage in the business of a mortgage loan originator shall obtain and maintain annually a license pursuant to Chapter 17 and this chapter:
1. Individuals who are employees or exclusive
agents of a person licensed under Chapter 16. Individuals whose wages or other
compensation is paid by either professional employer organizations or
organizations that provide staffing services shall become and remain exclusive
agents of a person licensed under Chapter 16. In the case of individuals who
are exclusive agents of a person licensed under Chapter 16, the individuals and
person licensed under Chapter 16 shall comply with such conditions as the
commissioner may prescribe pursuant to subsection A of § 6.2-1601 of the
Code of Virginia.
2. Individuals,
other than registered mortgage loan originators, who are employees or exclusive
agents of a person exempt from licensure under Chapter 16.
3. Individuals who are not employees or
exclusive agents of either a person licensed under Chapter 16 or a person
exempt from such licensure.
B. For purposes of Chapter 17 and this chapter:
1. An individual takes an application
for a residential mortgage loan if the individual receives a residential
mortgage loan application for the purpose of facilitating a decision whether to
extend an offer of residential mortgage loan terms to a borrower or prospective
borrower, or to accept the terms offered by a borrower or prospective borrower
in response to a solicitation.
2.
An individual offers or negotiates the terms of a residential mortgage loan if
the individual:
a. Presents for consideration
by a borrower or prospective borrower particular residential mortgage loan
terms;
b. Communicates directly or
indirectly with a borrower or prospective borrower for the purpose of reaching
a mutual understanding about prospective residential mortgage loan terms;
or
c. Recommends, refers, or steers
a borrower or prospective borrower to a particular lender or set of residential
mortgage loan terms, in accordance with a duty to or incentive from any person
other than the borrower or prospective borrower.
Statutory Authority
§§ 6.2-1720 and 12.1-13 of the Code of Virginia.
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