---
kind: "section"
citation: "12 U.S.C. § 5103"
title: "12"
title_heading: "Banks and Banking"
number: "5103"
heading: "License or registration required"
release: "119-102"
url: "https://uscodex.org/usc/12/5103"
units:
  - "Chapter 51 — Secure and Fair Enforcement for Mortgage Licensing"
---

# §5103. License or registration required

- (a) **In general—** Subject to the existence of a licensing or registration regime, as the case may be, an individual may not engage in the business of a [loan originator](/usc/12/5102.md?p=4-A) without first—
  - (1) obtaining, and maintaining annually—
    - (A) a registration as a [registered loan originator](/usc/12/5102.md?p=8); or
    - (B) a license and registration as a [State-licensed loan originator](/usc/12/5102.md?p=12); and
  - (2) obtaining a [unique identifier](/usc/12/5102.md?p=13-A).
- (b) **Loan processors and underwriters—**
  - (1) **Supervised loan processors and underwriters—** A [loan processor or underwriter](/usc/12/5102.md?p=5-A) who does not represent to the public, through advertising or other means of communicating or providing information ([including](/usc/12/25b.md?p=a-3) the use of business cards, stationery, brochures, signs, rate lists, or other promotional items), that such individual can or will perform any of the activities of a [loan originator](/usc/12/5102.md?p=4-A) shall not be required to be a [State-licensed loan originator](/usc/12/5102.md?p=12).
  - (2) **Independent contractors—** An independent contractor may not engage in [residential mortgage loan](/usc/12/5102.md?p=9) origination activities as a [loan processor or underwriter](/usc/12/5102.md?p=5-A) unless such independent contractor is a [State-licensed loan originator](/usc/12/5102.md?p=12).

## Source credit

(Pub. L. 110–289, div. A, title V, § 1504, July 30, 2008, 122 Stat. 2814.)