Source: https://www.law.cornell.edu/cfr/text/12/appendix-A_to_part_1008
Timestamp: 2017-10-17 09:58:11
Document Index: 752974246

Matched Legal Cases: ['art 1008', 'art 1008', 'art_1008', 'art 1008', 'art 1008', 'art 1008', '§ 1008', '§ 1008', '§ 1008', '§ 1008', '§ 1008', 'art 1008']

12 CFR Appendix A to Part 1008, Examples of Mortgage Loan Originator Activities | US Law | LII / Legal Information Institute
CFR › Title 12 › Chapter X › Part 1008 › Subpart E › Appendix A_to_part_1008
12 CFR Appendix A to Part 1008, Examples of Mortgage Loan Originator Activities
Appendix A to Part 1008 - Examples of Mortgage Loan Originator Activities
This appendix provides examples to aid in the understanding of activities that would cause an individual to fall within or outside the definition of a mortgage loan originator under part 1008. The examples in this appendix are not all-inclusive. They illustrate only the issue described and do not illustrate any other issues that may arise. For purposes of the examples below, the term “loan” refers to a residential mortgage loan as defined in § 1008.23 of this part.
(a)Taking a Loan Application. Taking a residential mortgage loan application within the meaning of § 1008.103(c)(1) means receipt by an individual, for the purpose of facilitating a decision whether to extend an offer of loan terms to a borrower or prospective borrower, of an application as defined in § 1008.23 (a request in any form for an offer, or a response to a solicitation of an offer, of residential mortgage loan terms, and the information about the borrower or prospective borrower that is customary or necessary in a decision whether to make such an offer).
(B) Is not responsible for verifying information. The fact that an individual who takes application information from a borrower or prospective borrower is not responsible for verifying that information - for example, the individual is a mortgage broker who collects and sends that information to a lender - does not mean that the individual is not taking an application;
(b)Offering or Negotiating Terms of a Loan. The following examples are designed to illustrate when an individual offers or negotiates terms of a loan within the meaning of § 1008.103(c)(2) and, conversely, what does not constitute offering or negotiating terms of a loan:
(c)For Compensation or Gain.
(1) An individual acts “for compensation or gain” within the meaning of § 1008.103(c)(2)(ii) if the individual receives or expects to receive in connection with the individual's activities anything of value, including, but not limited to, payment of a salary, bonus, or commission. The concept “anything of value” is interpreted broadly and is not limited only to payments that are contingent upon the closing of a loan.
The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 12 CFR Part 1008 after this date.