Loan Originator Clause Samples
The 'Loan Originator' clause defines the party responsible for initiating and arranging the loan transaction. This clause typically identifies the individual or entity that processes the borrower's application, evaluates creditworthiness, and facilitates the disbursement of funds. In practice, it clarifies who acts as the main point of contact for the borrower and who is accountable for compliance with lending regulations. Its core function is to ensure transparency and accountability by clearly designating the party responsible for originating the loan, thereby reducing confusion and potential disputes regarding the loan process.
Loan Originator. Loan-to-Value (LTV)............................................
Loan Originator. 8 Loan-to-Value (LTV). . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8
Loan Originator. Pursuant to the ▇▇▇▇-▇▇▇▇▇ Act (the “Act”), a Loan Originator shall be defined as any person who, (1) “takes a residential mortgage loan application”, (2) “assists a consumer in obtaining or applying to obtain a residential mortgage loan”, or (3) “offers of negotiates terms of such a loan.” For the purposes of the Agreement and this Addendum, Broker shall be considered a Loan Originator under the definition of the Act.
Loan Originator. The term “Loan Originator” shall have the meaning set forth in Regulation Z at 12 CFR § 1026.36
(a) and shall include any person who, in expectation of direct or indirect compensation or other monetary gain, takes a residential mortgage loan application, offers, arranges, or assists a consumer in obtaining or applying to obtain, negotiates, or otherwise obtains or makes an extension of consumer credit for another person; or through advertising or other means of communication represents to the public that such person can or will perform any of these activities. For the purposes of the Agreement and this Addendum, Broker shall be considered a Loan Originator under the definition of the Act.