Sec. 18. (a) "Loan processing activities" means clerical or support duties performed on behalf of a loan broker with respect to residential mortgage loan origination activities performed by the loan broker.
(b) The term "loan processing activities" includes the following:
(1) The receipt, collection, distribution, and analysis of information commonly used in the processing of a residential mortgage loan.
(2) Communicating with a borrower or potential borrower to obtain the information necessary for the processing of a residential mortgage loan, to the extent that the communication does not include:
(A) offering or negotiating loan rates or terms; or
(B) counseling borrowers or potential borrowers about residential mortgage loan rates or terms.
As added by P.L.175-2019, SEC.2.
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