Section 50003.6 Of Chapter 1. General From California Financial Code >> Division 20. >> Chapter 1.
50003.6
. (a) A loan processor or underwriter who does not represent
to the public, through advertising or other means of communicating
or providing information, including the use of business cards,
stationery, brochures, signs, rate lists, or other promotional items,
that the individual can or will perform any of the activities of a
loan originator shall not be required to be licensed as a mortgage
loan originator.
(b) An individual engaging solely in loan processor or underwriter
activities shall not represent to the public, through advertising or
other means of communicating or providing information including the
use of business cards, stationery, brochures, signs, rate lists, or
other promotional items, that the individual can or will perform any
of the activities of a mortgage loan originator.
(c) An independent contractor may not engage in the activities of
a loan processor or underwriter for a residential mortgage loan
unless the independent contractor loan processor or underwriter
obtains and maintains a residential mortgage lender or residential
mortgage servicer license and a mortgage loan originator license
under this division.