"Mortgage loan originator" means an individual who, for compensation or gain, or in the expectation of compensation or gain, regularly engages in taking a mortgage transaction application or in offering or negotiating the terms of a mortgage transaction that either is made under this article or under IC 37-1 or is made by an employee of a person licensed to engage in mortgage transactions or by an employee of a person that is exempt from licensing, while the employee is engaging in the loan brokerage business. The term does not include the following:

1. (1) An individual engaged solely as a loan processor or underwriter as long as the individual works exclusively as an employee of a person licensed to engage in mortgage transactions or as an employee of a person exempt from licensing. However, the term includes an individual who is licensed as a mortgage loan originator under IC 37-1-1 and 750 IAC 9-3 and who is an employee of a person that is not engaged in mortgage transactions as a creditor if that person voluntarily registers with the department to sponsor the individual under IC 37-1-1-6 (8), to engage solely as a third party processor or underwriter.

2. (2) Unless the person or entity is compensated by:

   1. (A) a creditor;
   2. (B) a loan broker;
   3. (C) another mortgage loan originator; or

   4. (D) any agent of the creditor, loan broker, or other mortgage loan originator described in clauses (A) through (C);

      a person or entity that only performs real estate brokerage activities and is licensed or registered in accordance with applicable state law.

3. (3) A person solely involved in extensions of credit relating to timeshare plans (as defined in 11 U.S.C. 101(53D)).

   [Pre-2026 Revision Citation: 24-4.5-1-301.5(25).]

As added by P.L.115-2026, SEC.97.