Sec. 22. (a) “Mortgage loan originator” means an individual engaged in mortgage loan origination activities.

     (b) The term “mortgage loan originator” does not include a person who:

Terms Used In Indiana Code 23-2.5-1-22

  • 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
(1) performs purely administrative or clerical tasks on behalf of a mortgage loan originator or acts as a loan processor;

(2) performs only real estate brokerage activities and is licensed in accordance with IC 25-34.1 or the applicable laws of another state, unless the person is compensated by a creditor, a loan broker, a mortgage loan originator, or an agent of a creditor, a loan broker, or a mortgage loan originator; or

(3) is involved only in extensions of credit relating to time share plans (as defined in 11 U.S.C. § 101(53D)).

As added by P.L.175-2019, SEC.2.