When counting the number of transactions to determine if the person was a loan originator for 10 or fewer transactions during the 12-month period preceding the date of the compensation determination, do we count the loans for which the person acted as a broker only and the loan closed in the name of the third party, not the Bank the person works for?

I must be missing something. Where is a person exempt from the loan originator compensation rules if they do fewer than 10 loans in 12 months?

Not exempt, but able to receive unit or organization-based profit sharing comp that may include mortgage origination profits, up to 10% of total comp. 1026.36(d)(1)(iv).

They took the application, did they not? But I would be engaging legal counsel if there is a question.

36(a) Definitions
1. Meaning of loan originator. i. General. A. Section 1026.36(a) defines the set of activities or services any one of which, if done for or in the expectation of compensation or gain, makes the person doing such activities or performing such services a loan originator, unless otherwise excluded. The scope of activities covered by the term loan originator includes:

2. Arranging a credit transaction, including initially contacting and orienting the consumer to a particular loan originator's or creditor's origination process or particular credit terms that are or may be available to that consumer selected based on the consumer's financial characteristics, assisting the consumer to apply for credit, taking an application, offering particular credit terms to the consumer selected based on the consumer's financial characteristics, negotiating credit terms, or otherwise obtaining or making an extension of credit.

Thank you both for the help!