Which of the following individuals is NOT exempt from licensure under Rhode Island mortgage law?

Under Rhode Island mortgage law, independent contractor loan processors are not exempt from licensure. This is because loan processing involves specific tasks related to the mortgage application process, including gathering and verifying financial information, which falls under the definition of mortgage brokering activities. Such activities require licensing to ensure that individuals are trained and regulated in accordance with state laws.

On the other hand, real estate agents, bank employees, and appraisers typically have their own regulatory frameworks or exemptions that allow them to operate without needing a separate mortgage broker or lender license. Real estate agents are generally involved in property transactions but are not primarily engaged in mortgage brokerage activities. Bank employees, when acting within the context of their roles, do not require a separate license to process loans within the institution they are employed by. Appraisers are governed by separate licensing requirements related to property valuation rather than mortgage licensing. Therefore, independent contractor loan processors stand out as the correct answer, as they indeed must be licensed to engage in the activities related to loan processing under Rhode Island law.