Who is not required to be a licensed mortgage loan originator?

Federal rules exempt several groups from state mortgage loan originator (MLO) licensing: employees of covered financial institutions such as banks and credit unions, who register federally instead; licensed real estate brokers performing only brokerage activities, unless compensated by a lender, broker, or other loan originator; purely clerical or administrative staff; and supervised loan processors or underwriters who do not offer or negotiate loan terms. Independent-contract processors and underwriters must still be state-licensed.