CT SB00160

Implements federal S.A.F.E. Mortgage Licensing Act of 2008 requirements by adding and clarifying definitions including "dwelling," "employee," "independent contractor," and "registered mortgage loan originator" effective October 1, 2012.

Requires qualified individuals and branch managers at mortgage lender, mortgage correspondent lender, and mortgage broker offices to be licensed as mortgage loan originators effective November 1, 2012.

Expands exemptions from mortgage loan originator licensure to include employees of federal, state, local government agencies and bona fide nonprofit organizations, and individuals negotiating terms for their own residential real estate.

Modifies loan processor and underwriter licensing requirements to exclude those employed by licensed entities acting under supervision of a licensed mortgage loan originator, and those processing loans originated by unlicensed individuals.

Updates definitions of "bona fide nonprofit organization" and "housing finance agency" with detailed eligibility criteria and annual recertification requirements for exempt entities making residential mortgage loans.