The full explanation
It does not include someone who only does clerical work. Originators are usually paid a fee or commission by you or by the lender, and federal law prohibits that commission from varying based on your loan's terms. In general they must be licensed or registered through the NMLS.
An example
Before handing his documents to the loan officer, Javier looks up the officer's name and NMLS number in the free lookup system to confirm the officer can work in his state.
You will see it in…
- The Loan Estimate, page 3 (“Loan Officer” and “Mortgage Broker”)
- The loan application, the promissory note and the security instrument
- The loan officer's cards, emails and ads
