(a) Subject to the existence of a licensing or registration regime, as the case may be, an individual, unless specifically exempted from this subchapter under subsection (c) may not engage in the business of a mortgage loan originator with respect to any dwelling located in the Virgin Islands without first—
(1) obtaining and maintaining annually—
(A) a registration as a registered loan originator; or
(B) a license and registration as a State-licensed mortgage loan originator; and
(2) obtaining a valid unique identifier issued by the Nationwide Mortgage Licensing System and Registry.
(b)
(1) 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, stationary, brochures, signs, rate lists, or other promotional items, that such individual can or will perform any of the activities of a loan originator is not required to be a State-licensed loan originator.
(2) A loan processor or underwriter who is an independent contractor may not engage in the activities of a loan processor or underwriter unless the independent contractor loan processor or underwriter obtains and maintains a license. Each independent contractor loan processor or underwriter licensed as a mortgage loan originator must have and maintain a valid unique identifier issued by the Nationwide Mortgage Licensing System and Registry.
(c) The following are exempt from this subchapter:
(1) Registered Mortgage Loan Originators, when acting for an entity described in § 383(g)(1)(A), (B), or (C) and (g)(2);
(2) Any individual who offers or negotiates terms of a residential mortgage loan with or on behalf of an immediate family member of the individual;
(3) Any individual who offers or negotiates terms of a residential mortgage loan secured by a dwelling that served as the individual's residence;
(4) A licensed attorney who negotiates the terms of a residential mortgage loan on behalf of a client as an ancillary matter to the attorney's representation of the client, unless the attorney is compensated by a lender, a mortgage broker, or other mortgage loan originator or by any agent of such lender, mortgage broker, or other mortgage loan originator; and
(5) Agencies of the federal government, the Territory of the Virgin Islands, or any State or municipal government, or any quasi-governmental agency making mortgage loans under the specific authority of the laws or regulations of any state, the Territory of the Virgin Islands or the United States, including without limitation, the Virgin Islands Housing Finance Authority and the Government Employees Retirement System, with respect to their activities in offering, accepting, completing and processing mortgage loan applications under their programs.
(d) Subsection (c)(5) does not apply if the United States Department of Housing and Urban Development determines by guidelines, rules, interpretive letter or otherwise that such individuals must be licensed under the Fair Enforcement for Mortgage Licensing Act of 2008, or that this subsection is otherwise inconsistent with this subchapter.
(e) Upon approval or consent by the United States Department of Housing and Urban Development, the Banking Board must be authorized to exempt in whole or in part from this subchapter additional individuals or classes of individuals which the Banking Board finds inappropriate to effectuate the purposes of this chapter.