16a-1-303.(UCCC) Residential mortgage loan
originator; definitions.
Other definitions appearing in this act:
(1) "Residential mortgage loan originator" means an individual:
(a) Who engages in residential mortgage loan origination on behalf of a
single supervised
lender;
(b) whose conduct of residential mortgage loan origination is the
responsibility of the
licensed supervised lender;
(c) who takes a residential mortgage loan application or offers or negotiates
terms of a
residential mortgage loan for compensation or gain or in the expectation of
compensation or
gain; and
(d) whose job responsibilities include contact with borrowers during the loan
origination
process, which can include soliciting, negotiating, acquiring, arranging or
making mortgage loans
for others, obtaining personal or financial information, assisting with the
preparation of loan
applications or other documents, quoting loan rates or terms or providing
required disclosures. It
does not include any individual engaged solely as a loan processor or
underwriter.
(2) "Loan processor or underwriter" means an individual who performs clerical
or support
duties as an employee at the direction and subject to the supervision and
instruction of a person
registered, or exempt from registration, under this act.
(a) For purposes of this subsection, the term "clerical or support duties"
may include
subsequent to the receipt of an application:
(i) The receipt, collection, distribution and analysis of information common
for the
processing or underwriting of a residential mortgage loan; and
(ii) communicating with a consumer to obtain the information necessary for
the
processing or underwriting of a loan, to the extent that such communication
does not include
offering or negotiating loan rates or terms or counseling consumers about
residential mortgage
loan rates or terms.
(b) An individual engaging solely in loan processor or underwriter activities
shall not
represent to the public, through advertising or other means of communicating or
providing
information including the use of business cards, stationery, brochures, signs,
rate lists, or other
promotional items, that such individual can or will perform any of the
activities of a residential
mortgage loan originator.
(3) "Nationwide mortgage licensing system and registry" means a mortgage
licensing
system developed and maintained by the conference of state bank supervisors and
the American
association of residential mortgage regulators for the licensing and
registration of licensed
mortgage loan originators.
(4) "Residential mortgage loan" means any loan or contract for deed primarily
for
personal, family or household use that is secured by a mortgage, deed of trust
or other equivalent
consensual security interest on a dwelling, as defined in section 103(v) of the
truth in lending act,
15 U.S.C. §1602(v), or residential real estate located in this state
upon which a dwelling is
constructed or intended to be constructed, including the renewal or refinancing
of any such loan.
(5) "Registrant" means any individual who holds a valid registration to
engage in
residential mortgage loan origination in this state.
(6) "Unique identifier" means a number or other identifier assigned by
protocols
established by the nationwide mortgage licensing system and registry.
History: L. 1973, ch. 85, § 13;
L. 2009, ch. 29, § 15; July 1.
16a-1-303.(UCCC) Residential mortgage loan
originator; definitions.
Other definitions appearing in this act:
(1) "Residential mortgage loan originator" means an individual:
(a) Who engages in residential mortgage loan origination on behalf of a
single supervised
lender;
(b) whose conduct of residential mortgage loan origination is the
responsibility of the
licensed supervised lender;
(c) who takes a residential mortgage loan application or offers or negotiates
terms of a
residential mortgage loan for compensation or gain or in the expectation of
compensation or
gain; and
(d) whose job responsibilities include contact with borrowers during the loan
origination
process, which can include soliciting, negotiating, acquiring, arranging or
making mortgage loans
for others, obtaining personal or financial information, assisting with the
preparation of loan
applications or other documents, quoting loan rates or terms or providing
required disclosures. It
does not include any individual engaged solely as a loan processor or
underwriter.
(2) "Loan processor or underwriter" means an individual who performs clerical
or support
duties as an employee at the direction and subject to the supervision and
instruction of a person
registered, or exempt from registration, under this act.
(a) For purposes of this subsection, the term "clerical or support duties"
may include
subsequent to the receipt of an application:
(i) The receipt, collection, distribution and analysis of information common
for the
processing or underwriting of a residential mortgage loan; and
(ii) communicating with a consumer to obtain the information necessary for
the
processing or underwriting of a loan, to the extent that such communication
does not include
offering or negotiating loan rates or terms or counseling consumers about
residential mortgage
loan rates or terms.
(b) An individual engaging solely in loan processor or underwriter activities
shall not
represent to the public, through advertising or other means of communicating or
providing
information including the use of business cards, stationery, brochures, signs,
rate lists, or other
promotional items, that such individual can or will perform any of the
activities of a residential
mortgage loan originator.
(3) "Nationwide mortgage licensing system and registry" means a mortgage
licensing
system developed and maintained by the conference of state bank supervisors and
the American
association of residential mortgage regulators for the licensing and
registration of licensed
mortgage loan originators.
(4) "Residential mortgage loan" means any loan or contract for deed primarily
for
personal, family or household use that is secured by a mortgage, deed of trust
or other equivalent
consensual security interest on a dwelling, as defined in section 103(v) of the
truth in lending act,
15 U.S.C. §1602(v), or residential real estate located in this state
upon which a dwelling is
constructed or intended to be constructed, including the renewal or refinancing
of any such loan.
(5) "Registrant" means any individual who holds a valid registration to
engage in
residential mortgage loan origination in this state.
(6) "Unique identifier" means a number or other identifier assigned by
protocols
established by the nationwide mortgage licensing system and registry.
History: L. 1973, ch. 85, § 13;
L. 2009, ch. 29, § 15; July 1.
16a-1-303.(UCCC) Residential mortgage loan
originator; definitions.
Other definitions appearing in this act:
(1) "Residential mortgage loan originator" means an individual:
(a) Who engages in residential mortgage loan origination on behalf of a
single supervised
lender;
(b) whose conduct of residential mortgage loan origination is the
responsibility of the
licensed supervised lender;
(c) who takes a residential mortgage loan application or offers or negotiates
terms of a
residential mortgage loan for compensation or gain or in the expectation of
compensation or
gain; and
(d) whose job responsibilities include contact with borrowers during the loan
origination
process, which can include soliciting, negotiating, acquiring, arranging or
making mortgage loans
for others, obtaining personal or financial information, assisting with the
preparation of loan
applications or other documents, quoting loan rates or terms or providing
required disclosures. It
does not include any individual engaged solely as a loan processor or
underwriter.
(2) "Loan processor or underwriter" means an individual who performs clerical
or support
duties as an employee at the direction and subject to the supervision and
instruction of a person
registered, or exempt from registration, under this act.
(a) For purposes of this subsection, the term "clerical or support duties"
may include
subsequent to the receipt of an application:
(i) The receipt, collection, distribution and analysis of information common
for the
processing or underwriting of a residential mortgage loan; and
(ii) communicating with a consumer to obtain the information necessary for
the
processing or underwriting of a loan, to the extent that such communication
does not include
offering or negotiating loan rates or terms or counseling consumers about
residential mortgage
loan rates or terms.
(b) An individual engaging solely in loan processor or underwriter activities
shall not
represent to the public, through advertising or other means of communicating or
providing
information including the use of business cards, stationery, brochures, signs,
rate lists, or other
promotional items, that such individual can or will perform any of the
activities of a residential
mortgage loan originator.
(3) "Nationwide mortgage licensing system and registry" means a mortgage
licensing
system developed and maintained by the conference of state bank supervisors and
the American
association of residential mortgage regulators for the licensing and
registration of licensed
mortgage loan originators.
(4) "Residential mortgage loan" means any loan or contract for deed primarily
for
personal, family or household use that is secured by a mortgage, deed of trust
or other equivalent
consensual security interest on a dwelling, as defined in section 103(v) of the
truth in lending act,
15 U.S.C. §1602(v), or residential real estate located in this state
upon which a dwelling is
constructed or intended to be constructed, including the renewal or refinancing
of any such loan.
(5) "Registrant" means any individual who holds a valid registration to
engage in
residential mortgage loan origination in this state.
(6) "Unique identifier" means a number or other identifier assigned by
protocols
established by the nationwide mortgage licensing system and registry.
History: L. 1973, ch. 85, § 13;
L. 2009, ch. 29, § 15; July 1.