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Here are some links you might find useful:
https://caselaw.lp.findlaw.com/scripts/getcase.pl?navby=search&case=/data2/circs/9th/9756775.html
It’s an older case but I believe it talks about the issues you described. I briefly scanned over it.https://www.fdic.gov/regulations/examinations/supervisory/insights/sisum05/article04_auto_lending.html
This link is to some supervisory guidance issued by the FDIC on the subject of Indirect Auto Lending which might prove to be useful.https://www.fdic.gov/bank/individual/enforcement/
This link will allow you to look up enforcement actions handed down by the FDIC.https://www.occ.treas.gov/news-issuances/news-releases/2011/nr-occ-2011-28.html
This link will allow you to look up enforcement actions handed down by the OCC.I hope this helps.
The definition for Mortgage Loan Originator can be found at 12 U.S.C. 102(b)(1) but it simply says that a MLO is an individual who:
1) Takes a residential mortgage loan application; AND
2) Offers or negotiates terms of a residential mortgage loan for compensation or gain.In your message you didn’t stipulate that your Lending Assistance only have a customer sign docs and tell about the terms on the note when it is being signed, for specific types of loans. That being said, if they do those duties on what qualifies as a residential mortgage loan (see .102(e)) then yes they would need to registered. That is as long as they get paid.
Remember that it’s a 2 prong test: they have to take applications AND offer or negotiate terms for compensation. They have customers sign docs (sounds a lot like taking an application) and they tell the customer about the terms (sounds a lot like offering terms to me). I think they fit both prongs of the test.
Good luck with getting them registered; at least you’ve got some time to get it done.
Just to add a note to Jack’s response; I’m pretty sure that they have adjusted the cost of registering MLOs so that if you wait to register between 07.01.11 and 07.29.11 that you won’t save any money. In fact, you’ll end up spending the same amount as if you registered before hand and did the annual renewal.
To quote a rock song released in 1990 “Money Talks”.
