Legal Seminar, Denver, CO

Maine: Exempts a retail seller of a manufactured home to the extent determined by any rule or interpretation by HUD

North Carolina: The term mortgage loan originator does not include an individual who is a salesperson for a licensed manufactured housing retailer that performs the purely administrative and clerical tasks of physically handling or transmitting to a licensed mortgage loan originator on behalf of a prospective borrower an application and other forms completed by the prospective borrower. Nothing in this section prohibits a salesperson, upon the written request of a mortgage loan originator and after a prospective borrower completes an application, from pulling and transmitting a credit report with the application. Oregon: An employee of a dealer is not covered if the employee performs only administrative tasks and receives in connection with a sale or other transaction related to a manufactured structure, only a salary or commission that is customary among dealers and employees of dealers, unless otherwise decided by HUD. South Carolina: Definition of loan originator does not include a manufactured home retailer and its employees if performing only clerical or support duties in connection with the sale or lease of a manufactured home Tennessee: A MLO license is not required for any individual performing the activities of a manufactured home retailer or a dealer of modular building units provided he or his employer is licensed as a retailer or dealer; the individual does not offer or negotiate terms of a residential mortgage loan (including by counseling with respect to such terms); and neither the individual nor the employing manufactured home retailer or dealer of modular units receives any compensation or other gain from a mortgage lender, mortgage loan broker, or mortgage loan originator. This exemption will not apply if HUD determines that such individuals must be licensed under the SAFE Act or that this provision is otherwise inconsistent with the Act. (Statute attached) Texas: MLO does not include an individual licensed under the manufactured housing chapter unless the individual is directly compensated for arranging financing for activities regulated under the chapter by a lender, broker or other MLO. Washington (mortgage brokers): Exempts a manufactured or modular home retailer employee who performs purely administrative or clerical tasks and who receives only the customary salary or commission from the employer in connection with the transaction (exempt from all provisions of the chapter). West Virginia: MLO does not include a manufactured or modular home retailer employee who performs purely administrative or clerical tasks and who receives only the customary salary or commission from the employer in connection with the sales transaction.