An employee who performs mortgage loan originator activities for a mortgage servicer is exempt from registration and licensure as a mortgage loan originator; provided that:

1. (1) The employee's actions are part of the employee's duties as an employee of the mortgage servicer; and
2. (2) The employee's mortgage loan originator services are limited to residential loan modifications and processing the approval of loan assumptions.

[L 2012, c 252, pt of §1; am L 2014, c 198, §10; am L 2016, c 122, §17]