IC 37-2-2-30: "Mortgage loan originator"

Sec. 30. "Mortgage loan originator" means an individual who, for compensation or gain, or in the expectation of compensation or gain, regularly engages in taking a mortgage transaction application or in offering or negotiating the terms of a mortgage transaction that either is made under this article or under IC 37-1 or is made by an employee of a person licensed to engage in mortgage transactions or by an employee of a person that is exempt from licensing, while the employee is engaging in the loan brokerage business. The term does not include the following:

(1) An individual engaged solely as a loan processor or underwriter as long as the individual works exclusively as an employee of a person licensed to engage in mortgage transactions or as an employee of a person exempt from licensing. However, the term includes an individual who is licensed as a mortgage loan originator under IC 37-1-1 and 750 IAC 9-3 and who is an employee of a person that is not engaged in mortgage transactions as a creditor if that person voluntarily registers with the department to sponsor the individual under IC 37-1-1-6(8), to engage solely as a third party processor or underwriter.

(2) Unless the person or entity is compensated by:

(A) a creditor;

(B) a loan broker;

(C) another mortgage loan originator; or

(D) any agent of the creditor, loan broker, or other mortgage loan originator described in clauses (A) through (C);

a person or entity that only performs real estate brokerage activities and is licensed or registered in accordance with applicable state law.

(3) A person solely involved in extensions of credit relating to timeshare plans (as defined in 11 U.S.C. 101(53D)).