Indiana Code 23-2.5-1-18. “Loan processing activities”
Current as of: 2023 | Check for updates
|
Other versions
Sec. 18. (a) “Loan processing activities” means clerical or support duties performed on behalf of a loan broker with respect to residential mortgage loan origination activities performed by the loan broker.
(1) The receipt, collection, distribution, and analysis of information commonly used in the processing of a residential mortgage loan.
(b) The term “loan processing activities” includes the following:
Terms Used In Indiana Code 23-2.5-1-18
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
(2) Communicating with a borrower or potential borrower to obtain the information necessary for the processing of a residential mortgage loan, to the extent that the communication does not include:
(A) offering or negotiating loan rates or terms; or
(B) counseling borrowers or potential borrowers about residential mortgage loan rates or terms.
As added by P.L.175-2019, SEC.2.