1. “Mortgage loan originator” means:
(a) A natural person who:
(1) Is an employee of a mortgage company who is required to be licensed pursuant to this chapter; and
(2) Is authorized by the mortgage company to engage in, on behalf of the mortgage company, any activity that would require the person, if the person were not an employee of the mortgage company, to be licensed as a mortgage company pursuant to this chapter;
(b) A mortgage company or qualified employee who is required by NRS 645B.405 to be licensed as a mortgage loan originator; or
(c) A loan processor who is an independent contractor and who is associated with a mortgage company or person who holds a certificate of exemption pursuant to NRS 645B.016.
2. The term includes, but is not limited to, a residential mortgage loan originator.
3. The term does not include a person who:
(a) Except as otherwise provided in paragraph (b) of subsection 1, is licensed as a mortgage company;
(b) Is an owner, general partner, officer or director of a mortgage company who does not engage in any activity that would otherwise require a license as a mortgage company;
(c) Except as otherwise provided in paragraph (c) of subsection 1, performs only clerical or ministerial tasks for a mortgage company; or
(d) Collects payments and performs related services, including, without limitation, the modification of an existing loan, in connection with a loan secured by a lien on real property and who does not undertake any other activity that would otherwise require a license pursuant to this chapter or chapter 645F of NRS.
(Added to NRS by 1999, 3765; A 2009, 2677; 2011, 3605; 2017, 3036, effective January 1, 2020)
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