6-901

6-901. Definitions

In this article, unless the context otherwise requires:

1. "Affiliate" means an entity which directly or indirectly, through one or more
intermediaries, controls, is controlled by or is under common control with the entity
specified.

2. "Commercial mortgage broker" means a person who for compensation or in the
expectation of compensation either directly or indirectly makes, negotiates or offers to
make or negotiate a commercial mortgage loan.

3. "Commercial mortgage loan" means a loan that is directly or indirectly secured
by a mortgage or deed of trust or any lien interest on commercial property and that is
created with the consent of the owner of the commercial property.

4. "Commercial property" means real property that is not a residential dwelling of
one to four units.

5. "Compensation" means anything of value or any benefit, including points,
commissions, bonuses, referral fees, loan origination fees and other similar fees but
excluding periodic interest resulting from the application of the note rate of interest
to the outstanding principal balance remaining unpaid from time to time.

6. "Continuing education unit" means a fifty minute period of time in a continuing
education course that relates to the mortgage industry or to mortgage transactions,
including courses taken to maintain recognized industry designations.

7. "Investor" means a person who lends or invests money in mortgage loans.

8. "License" means a license issued under this article.

9. "Licensee" means a person licensed under this article.

10. "Loan originator" has the same meaning prescribed in section 6-991.

11. "Mortgage broker" means a person who is not exempt under section 6-902 and who
for compensation or in the expectation of compensation either directly or indirectly
makes, negotiates or offers to make or negotiate a mortgage loan.

12. "Mortgage loan" means a loan secured by a mortgage or deed of trust or any lien
interest on real estate located in this state created with the consent of the owner of
the real estate.

13. "Mortgage loan closing" means the day by which all documents relating to the
mortgage loan have been executed and recorded and all monies have been accounted for
under the terms of the escrow instructions.

14. "Residential mortgage loan" means a mortgage loan that has security in the form
of a residential dwelling of one to four units.