Code · BILL · 115th Congress · S. 1751 (Introduced in Senate) — To modify the definitions of a mortgage originator, a high-cost mortgage, and a loan originator. · Sec. 3

Sec. 3. Loan originator definition

102 words·~1 min read·/bill/115/s/1751/is/section-3·

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Section 1503(4)(A) of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 ( 12 U.S.C. 5102(4)(A) ) is amended— in clause (iii), by striking and at the end; in clause (iv), by striking the period at the end and inserting ; and ; and by adding at the end the following: does not include a retailer of manufactured or modular homes or the employees of the retailer unless the retailer or employees receive compensation or gain for engaging in activities described in clause

(i)that is in excess of any compensation or gain received in a comparable cash transaction. .

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U.S. Code

Definitions
§ 5102

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Sec. 3

Loan originator definition

U.S.C.§ 5102

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