443.703. 1. For the purposes of sections 443.701 to 443.893, thefollowing terms mean:
(1) "Advertisement", the attempt by publication, dissemination, orcirculation to induce, directly or indirectly, any person to apply for aloan to be secured by residential real estate;
(2) "Affiliate":
(a) Any person who directly controls or is controlled by aresidential mortgage loan broker and any other company that is directlyaffecting activities regulated by sections 443.701 to 443.893 that iscontrolled by the company that controls the residential mortgage loanbroker;
(b) Any person:
a. Who is controlled, directly or indirectly, by a trust or otherwiseby or for the benefit of shareholders who beneficially, or otherwise,controls, directly or indirectly, by trust or otherwise, the residentialmortgage loan broker or any company that controls the residential mortgageloan broker; or
b. A majority of the directors or trustees of which constitute amajority of the persons holding any such office with the residentialmortgage loan broker or any company that controls the residential mortgageloan broker;
(c) Any company, including a real estate investment trust, that issponsored and advised on a contractual basis by the residential mortgageloan broker or any subsidiary or affiliate of the residential mortgage loanbroker;
(3) "Board", the residential mortgage board created in section443.816;
(4) "Borrower", the person or persons who use the services of alicensee to obtain a residential mortgage loan;
(5) "Depository institution", the same meaning as such term isdefined in Section 3 of the Federal Deposit Insurance Act, and includes anycredit union;
(6) "Director", the director of the division of finance;
(7) "Division", the division of finance within the department ofinsurance, financial institutions and professional registration;
(8) "Dwelling", the same meaning as such term is defined in thefederal Truth In Lending Act;
(9) "Escrow agent", a third party or person charged with thefiduciary obligation for holding escrow funds on a residential mortgageloan pending final payout of such funds in accordance with the terms of theresidential mortgage loan;
(10) "Exempt person", the following persons:
(a) Any person that is a depository institution or first-tiersubsidiary or service corporation thereof;
(b) Any person engaged solely in commercial mortgage lending or anyperson making or acquiring commercial construction loans with the person'sown funds for the person's own investment;
(c) Any person engaged solely in the business of securing existingloans on the secondary market provided such person does not make decisionsabout the extension of credit to the borrower;
(d) Any wholesale mortgage lender who purchases existing mortgageloans provided such wholesale lender does not make decisions about theextension of credit to the borrower;
(11) "Federal banking agencies", the Board of Governors of theFederal Reserve System, the Comptroller of the Currency, the Director ofthe Office of Thrift Supervision, the National Credit Union Administration,and the Federal Deposit Insurance Corporation;
(12) "Full-service office", office and staff in Missouri reasonablyadequate to handle efficiently communications, questions, and other mattersrelating to any application for a new or existing home mortgage loan whichthe residential mortgage loan broker is brokering, funding, originating,purchasing, or servicing. The management and operation of eachfull-service office shall include observance of good business practicessuch as adequate, organized, and accurate books and records, ample phonelines, hours of business, staff training and supervision, and provision fora mechanism to resolve consumer inquiries, complaints, and problems. Thedirector shall promulgate rules with regard to the requirements of thissubdivision and shall include an evaluation of compliance with thissubdivision in the periodic examination of the residential mortgage loanbroker;
(13) "Immediate family member", a spouse, child, sibling, parent,grandparent, or grandchild. Immediate family member includes stepparents,stepchildren, stepsiblings, and adoptive relationships;
(14) "Individual", a natural person;
(15) "Individual mortgage loan servicer", a person who on behalf of alender or servicer licensed by this state collects or receives paymentsincluding payments of principal, interest, escrow amounts, and otheramounts due on existing obligations due and owing to the licensed lender orservicer for a residential mortgage loan when the borrower is in default,or in reasonably foreseeable likelihood of default, working with theborrower and the licensed lender or servicer, collects data and makesdecisions necessary to modify either temporarily or permanently certainterms of those obligations, or otherwise finalizing collection through theforeclosure process;
(16) "Lender", any person who either lends money for or invests moneyin residential mortgage loans;
(17) "Licensee", any person licensed under sections 443.701 to443.893;
(18) "Loan brokering", "mortgage brokering", or "mortgage brokerageservice", the act of helping to obtain for an investor or from an investorfor a borrower a residential mortgage loan secured by real estate situatedin Missouri or assisting an investor or a borrower in obtaining aresidential mortgage loan secured by real estate situated in Missouri inreturn for consideration;
(19) "Loan processor or underwriter", an individual who performsclerical or support duties as an employee at the direction of and subjectto the supervision and instruction of a person licensed or exempt fromlicensing under sections 443.701 to 443.893;
(a) For purposes of this definition, clerical or support duties mayinclude activities subsequent to the receipt of a residential mortgage loanapplication, including:
a. The receipt, collection, distribution, and analysis or informationcommon for the processing or underwriting of a residential mortgage loan;and
b. Communicating with a consumer to obtain the information necessaryfor the processing or underwriting of a loan, to the extent that suchcommunication does not include offering or negotiating loan rates or terms,or counseling consumers about residential mortgage loan rates or terms;
(b) For an individual to be considered engaged solely in loanprocessor or underwriter activities, such individual shall not represent tothe public through advertising or other means of communicating or providinginformation, including the use of business cards, stationery, brochures,signs, rate lists, or other promotional items, that such individual can orwill perform any of the activities of a mortgage loan originator;
(20) "Mortgage loan originator", an individual who for compensationor gain or in the expectation of compensation or gain takes a residentialmortgage loan application, or offers or negotiates terms of a residentialmortgage loan. Mortgage loan originator does not include:
(a) An individual engaged solely as a loan processor or underwriterexcept as otherwise provided in sections 443.701 to 443.893;
(b) A person that only performs real estate brokerage activities andis licensed or registered in accordance with Missouri law, unless theperson is compensated by a lender, a mortgage broker, or other mortgageloan originator or by any agent of such lender, mortgage broker, or othermortgage loan originator;
(c) A person solely involved in extensions of credit relating totime-share plans, as the term time-share plans is defined in section101(53D) of Title 11, United States Code;
(d) An individual who is servicing a mortgage loan; and
(e) A person employed by a licensed mortgage broker or loanoriginator who accepts or receives residential mortgage loan applications;
(21) "Nationwide Mortgage Licensing System and Registry" or "NMLSR",a mortgage licensing system developed and maintained by the Conference ofState Bank Supervisors and the American Association of Residential MortgageRegulators for the licensing and registration of licensed mortgage loanoriginators or licensed residential mortgage brokers;
(22) "Nontraditional mortgage product", any mortgage product otherthan a thirty-year fixed rate mortgage;
(23) "Party to a residential mortgage financing transaction", aborrower, lender, or loan broker in a residential mortgage financingtransaction;
(24) "Payments", payment of all or any part of the following:principal, interest and escrow reserves for taxes, insurance, and otherrelated reserves and reimbursement for lender advances;
(25) "Person", a natural person, corporation, company, limitedliability company, partnership, or association;
(26) "Purchasing", the purchase of conventional or government-insuredmortgage loans secured by residential real estate from either the lender orfrom the secondary market;
(27) "Real estate brokerage activity", any activity that involvesoffering or providing real estate brokerage services to the public,including:
(a) Acting as a real estate agent or real estate broker for a buyer,seller, lessor, or lessee of real property;
(b) Bringing together parties interested in the sale, purchase,lease, rental, or exchange of real property;
(c) Negotiating on behalf of any buyer, seller or lessor any portionof a contract relating to the sale, purchase, lease, rental, or exchange ofreal property, but not activity to obtain a residential mortgage loan for aborrower other than bona fide seller financing;
(d) Engaging in any activity for which a person engaged in theactivity is required to be registered or licensed as a real estate agent orreal estate broker under any applicable law; and
(e) Offering to engage in any authorized activity or act in anyauthorized capacity described in paragraph (a), (b), (c), or (d) of thissubdivision;
(28) "Residential mortgage board", the residential mortgage boardcreated in section 443.816;
(29) "Residential mortgage financing transaction", the negotiation,acquisition, sale, or arrangement for or the offer to negotiate, acquire,sell, or arrange for a residential mortgage loan or residential mortgageloan commitment;
(30) "Residential mortgage loan", any loan primarily for personal,family, or household use that is secured by a mortgage, deed of trust, orother equivalent consensual security interest on a dwelling or residentialreal estate upon which is constructed or intended to be constructed adwelling;
(31) "Residential mortgage loan broker", any person, other than anexempt person, engaged in the business of brokering, funding, servicing, orpurchasing residential mortgage loans;
(32) "Residential mortgage loan brokerage agreement", a writtenagreement in which a residential mortgage broker agrees to do either of thefollowing:
(a) Obtain a residential mortgage loan for the borrower or assist theborrower in obtaining a residential mortgage loan; or
(b) Consider making a residential mortgage loan to the borrower;
(33) "Residential mortgage loan commitment", a written conditionalagreement to finance a residential mortgage loan;
(34) "Registered mortgage loan originator", any individual who:
(a) Meets the definition of mortgage loan originator and is anemployee of:
a. A depository institution;
b. A subsidiary or service corporation that is:
(i) Owned and controlled by a depository institution; and
(ii) Regulated by a federal banking agency; or
c. An institution regulated by the Farm Credit Administration; and
(b) Is registered with and maintains a unique identifier through, theNMLSR;
(35) "Residential real estate", any real property located in Missouriupon which is constructed or intended to be constructed a dwelling;
(36) "Servicing", the collection or remittance for, or the right orobligation to collect or remit for, any lender, noteowner, noteholder orfor a residential mortgage loan broker's own account of payments,interests, principal and trust items such as hazard insurance and taxes ona residential mortgage loan and includes loan payment follow-up,delinquency loan follow-up, loan analysis and any notifications to theborrower that are necessary to enable the borrower to keep the loan currentand in good standing;
(37) "Soliciting, processing, placing, or negotiating a residentialmortgage loan", for compensation or gain, either directly or indirectlyaccepting or offering to accept an application for a residential mortgageloan, assisting or offering to assist in the processing of an applicationfor a residential mortgage loan on behalf of a borrower, or negotiating oroffering to negotiate the terms or conditions of a residential mortgageloan with a lender on behalf of a borrower, including but not limited tothe submission of credit packages for the approval of lenders, thepreparation of residential mortgage loan closing documents, and including aclosing in the name of a broker;
(38) "Ultimate equitable owner", a person who, directly orindirectly, owns or controls an ownership interest in a corporation,foreign corporation, alien business organization, trust, or any other formof business organization regardless of whether the person owns or controlsthe ownership interest through one or more persons or one or more proxies,powers of attorney, nominees, corporations, associations, partnerships,trusts, joint stock companies, or other entities or devices, or anycombination thereof;
(39) "Unique identifier", a number or other identifier assigned byprotocols established by the NMLSR.
2. The director may define by rule any terms used in sections 443.701to 443.893 for efficient and clear administration.
443.703. 1. For the purposes of sections 443.701 to 443.893, thefollowing terms mean:
(1) "Advertisement", the attempt by publication, dissemination, orcirculation to induce, directly or indirectly, any person to apply for aloan to be secured by residential real estate;
(2) "Affiliate":
(a) Any person who directly controls or is controlled by aresidential mortgage loan broker and any other company that is directlyaffecting activities regulated by sections 443.701 to 443.893 that iscontrolled by the company that controls the residential mortgage loanbroker;
(b) Any person:
a. Who is controlled, directly or indirectly, by a trust or otherwiseby or for the benefit of shareholders who beneficially, or otherwise,controls, directly or indirectly, by trust or otherwise, the residentialmortgage loan broker or any company that controls the residential mortgageloan broker; or
b. A majority of the directors or trustees of which constitute amajority of the persons holding any such office with the residentialmortgage loan broker or any company that controls the residential mortgageloan broker;
(c) Any company, including a real estate investment trust, that issponsored and advised on a contractual basis by the residential mortgageloan broker or any subsidiary or affiliate of the residential mortgage loanbroker;
(3) "Board", the residential mortgage board created in section443.816;
(4) "Borrower", the person or persons who use the services of alicensee to obtain a residential mortgage loan;
(5) "Depository institution", the same meaning as such term isdefined in Section 3 of the Federal Deposit Insurance Act, and includes anycredit union;
(6) "Director", the director of the division of finance;
(7) "Division", the division of finance within the department ofinsurance, financial institutions and professional registration;
(8) "Dwelling", the same meaning as such term is defined in thefederal Truth In Lending Act;
(9) "Escrow agent", a third party or person charged with thefiduciary obligation for holding escrow funds on a residential mortgageloan pending final payout of such funds in accordance with the terms of theresidential mortgage loan;
(10) "Exempt person", the following persons:
(a) Any person that is a depository institution or first-tiersubsidiary or service corporation thereof;
(b) Any person engaged solely in commercial mortgage lending or anyperson making or acquiring commercial construction loans with the person'sown funds for the person's own investment;
(c) Any person engaged solely in the business of securing existingloans on the secondary market provided such person does not make decisionsabout the extension of credit to the borrower;
(d) Any wholesale mortgage lender who purchases existing mortgageloans provided such wholesale lender does not make decisions about theextension of credit to the borrower;
(11) "Federal banking agencies", the Board of Governors of theFederal Reserve System, the Comptroller of the Currency, the Director ofthe Office of Thrift Supervision, the National Credit Union Administration,and the Federal Deposit Insurance Corporation;
(12) "Full-service office", office and staff in Missouri reasonablyadequate to handle efficiently communications, questions, and other mattersrelating to any application for a new or existing home mortgage loan whichthe residential mortgage loan broker is brokering, funding, originating,purchasing, or servicing. The management and operation of eachfull-service office shall include observance of good business practicessuch as adequate, organized, and accurate books and records, ample phonelines, hours of business, staff training and supervision, and provision fora mechanism to resolve consumer inquiries, complaints, and problems. Thedirector shall promulgate rules with regard to the requirements of thissubdivision and shall include an evaluation of compliance with thissubdivision in the periodic examination of the residential mortgage loanbroker;
(13) "Immediate family member", a spouse, child, sibling, parent,grandparent, or grandchild. Immediate family member includes stepparents,stepchildren, stepsiblings, and adoptive relationships;
(14) "Individual", a natural person;
(15) "Individual mortgage loan servicer", a person who on behalf of alender or servicer licensed by this state collects or receives paymentsincluding payments of principal, interest, escrow amounts, and otheramounts due on existing obligations due and owing to the licensed lender orservicer for a residential mortgage loan when the borrower is in default,or in reasonably foreseeable likelihood of default, working with theborrower and the licensed lender or servicer, collects data and makesdecisions necessary to modify either temporarily or permanently certainterms of those obligations, or otherwise finalizing collection through theforeclosure process;
(16) "Lender", any person who either lends money for or invests moneyin residential mortgage loans;
(17) "Licensee", any person licensed under sections 443.701 to443.893;
(18) "Loan brokering", "mortgage brokering", or "mortgage brokerageservice", the act of helping to obtain for an investor or from an investorfor a borrower a residential mortgage loan secured by real estate situatedin Missouri or assisting an investor or a borrower in obtaining aresidential mortgage loan secured by real estate situated in Missouri inreturn for consideration;
(19) "Loan processor or underwriter", an individual who performsclerical or support duties as an employee at the direction of and subjectto the supervision and instruction of a person licensed or exempt fromlicensing under sections 443.701 to 443.893;
(a) For purposes of this definition, clerical or support duties mayinclude activities subsequent to the receipt of a residential mortgage loanapplication, including:
a. The receipt, collection, distribution, and analysis or informationcommon for the processing or underwriting of a residential mortgage loan;and
b. Communicating with a consumer to obtain the information necessaryfor the processing or underwriting of a loan, to the extent that suchcommunication does not include offering or negotiating loan rates or terms,or counseling consumers about residential mortgage loan rates or terms;
(b) For an individual to be considered engaged solely in loanprocessor or underwriter activities, such individual shall not represent tothe public through advertising or other means of communicating or providinginformation, including the use of business cards, stationery, brochures,signs, rate lists, or other promotional items, that such individual can orwill perform any of the activities of a mortgage loan originator;
(20) "Mortgage loan originator", an individual who for compensationor gain or in the expectation of compensation or gain takes a residentialmortgage loan application, or offers or negotiates terms of a residentialmortgage loan. Mortgage loan originator does not include:
(a) An individual engaged solely as a loan processor or underwriterexcept as otherwise provided in sections 443.701 to 443.893;
(b) A person that only performs real estate brokerage activities andis licensed or registered in accordance with Missouri law, unless theperson is compensated by a lender, a mortgage broker, or other mortgageloan originator or by any agent of such lender, mortgage broker, or othermortgage loan originator;
(c) A person solely involved in extensions of credit relating totime-share plans, as the term time-share plans is defined in section101(53D) of Title 11, United States Code;
(d) An individual who is servicing a mortgage loan; and
(e) A person employed by a licensed mortgage broker or loanoriginator who accepts or receives residential mortgage loan applications;
(21) "Nationwide Mortgage Licensing System and Registry" or "NMLSR",a mortgage licensing system developed and maintained by the Conference ofState Bank Supervisors and the American Association of Residential MortgageRegulators for the licensing and registration of licensed mortgage loanoriginators or licensed residential mortgage brokers;
(22) "Nontraditional mortgage product", any mortgage product otherthan a thirty-year fixed rate mortgage;
(23) "Party to a residential mortgage financing transaction", aborrower, lender, or loan broker in a residential mortgage financingtransaction;
(24) "Payments", payment of all or any part of the following:principal, interest and escrow reserves for taxes, insurance, and otherrelated reserves and reimbursement for lender advances;
(25) "Person", a natural person, corporation, company, limitedliability company, partnership, or association;
(26) "Purchasing", the purchase of conventional or government-insuredmortgage loans secured by residential real estate from either the lender orfrom the secondary market;
(27) "Real estate brokerage activity", any activity that involvesoffering or providing real estate brokerage services to the public,including:
(a) Acting as a real estate agent or real estate broker for a buyer,seller, lessor, or lessee of real property;
(b) Bringing together parties interested in the sale, purchase,lease, rental, or exchange of real property;
(c) Negotiating on behalf of any buyer, seller or lessor any portionof a contract relating to the sale, purchase, lease, rental, or exchange ofreal property, but not activity to obtain a residential mortgage loan for aborrower other than bona fide seller financing;
(d) Engaging in any activity for which a person engaged in theactivity is required to be registered or licensed as a real estate agent orreal estate broker under any applicable law; and
(e) Offering to engage in any authorized activity or act in anyauthorized capacity described in paragraph (a), (b), (c), or (d) of thissubdivision;
(28) "Residential mortgage board", the residential mortgage boardcreated in section 443.816;
(29) "Residential mortgage financing transaction", the negotiation,acquisition, sale, or arrangement for or the offer to negotiate, acquire,sell, or arrange for a residential mortgage loan or residential mortgageloan commitment;
(30) "Residential mortgage loan", any loan primarily for personal,family, or household use that is secured by a mortgage, deed of trust, orother equivalent consensual security interest on a dwelling or residentialreal estate upon which is constructed or intended to be constructed adwelling;
(31) "Residential mortgage loan broker", any person, other than anexempt person, engaged in the business of brokering, funding, servicing, orpurchasing residential mortgage loans;
(32) "Residential mortgage loan brokerage agreement", a writtenagreement in which a residential mortgage broker agrees to do either of thefollowing:
(a) Obtain a residential mortgage loan for the borrower or assist theborrower in obtaining a residential mortgage loan; or
(b) Consider making a residential mortgage loan to the borrower;
(33) "Residential mortgage loan commitment", a written conditionalagreement to finance a residential mortgage loan;
(34) "Registered mortgage loan originator", any individual who:
(a) Meets the definition of mortgage loan originator and is anemployee of:
a. A depository institution;
b. A subsidiary or service corporation that is:
(i) Owned and controlled by a depository institution; and
(ii) Regulated by a federal banking agency; or
c. An institution regulated by the Farm Credit Administration; and
(b) Is registered with and maintains a unique identifier through, theNMLSR;
(35) "Residential real estate", any real property located in Missouriupon which is constructed or intended to be constructed a dwelling;
(36) "Servicing", the collection or remittance for, or the right orobligation to collect or remit for, any lender, noteowner, noteholder orfor a residential mortgage loan broker's own account of payments,interests, principal and trust items such as hazard insurance and taxes ona residential mortgage loan and includes loan payment follow-up,delinquency loan follow-up, loan analysis and any notifications to theborrower that are necessary to enable the borrower to keep the loan currentand in good standing;
(37) "Soliciting, processing, placing, or negotiating a residentialmortgage loan", for compensation or gain, either directly or indirectlyaccepting or offering to accept an application for a residential mortgageloan, assisting or offering to assist in the processing of an applicationfor a residential mortgage loan on behalf of a borrower, or negotiating oroffering to negotiate the terms or conditions of a residential mortgageloan with a lender on behalf of a borrower, including but not limited tothe submission of credit packages for the approval of lenders, thepreparation of residential mortgage loan closing documents, and including aclosing in the name of a broker;
(38) "Ultimate equitable owner", a person who, directly orindirectly, owns or controls an ownership interest in a corporation,foreign corporation, alien business organization, trust, or any other formof business organization regardless of whether the person owns or controlsthe ownership interest through one or more persons or one or more proxies,powers of attorney, nominees, corporations, associations, partnerships,trusts, joint stock companies, or other entities or devices, or anycombination thereof;
(39) "Unique identifier", a number or other identifier assigned byprotocols established by the NMLSR.
2. The director may define by rule any terms used in sections 443.701to 443.893 for efficient and clear administration.
443.703. 1. For the purposes of sections 443.701 to 443.893, thefollowing terms mean:
(1) "Advertisement", the attempt by publication, dissemination, orcirculation to induce, directly or indirectly, any person to apply for aloan to be secured by residential real estate;
(2) "Affiliate":
(a) Any person who directly controls or is controlled by aresidential mortgage loan broker and any other company that is directlyaffecting activities regulated by sections 443.701 to 443.893 that iscontrolled by the company that controls the residential mortgage loanbroker;
(b) Any person:
a. Who is controlled, directly or indirectly, by a trust or otherwiseby or for the benefit of shareholders who beneficially, or otherwise,controls, directly or indirectly, by trust or otherwise, the residentialmortgage loan broker or any company that controls the residential mortgageloan broker; or
b. A majority of the directors or trustees of which constitute amajority of the persons holding any such office with the residentialmortgage loan broker or any company that controls the residential mortgageloan broker;
(c) Any company, including a real estate investment trust, that issponsored and advised on a contractual basis by the residential mortgageloan broker or any subsidiary or affiliate of the residential mortgage loanbroker;
(3) "Board", the residential mortgage board created in section443.816;
(4) "Borrower", the person or persons who use the services of alicensee to obtain a residential mortgage loan;
(5) "Depository institution", the same meaning as such term isdefined in Section 3 of the Federal Deposit Insurance Act, and includes anycredit union;
(6) "Director", the director of the division of finance;
(7) "Division", the division of finance within the department ofinsurance, financial institutions and professional registration;
(8) "Dwelling", the same meaning as such term is defined in thefederal Truth In Lending Act;
(9) "Escrow agent", a third party or person charged with thefiduciary obligation for holding escrow funds on a residential mortgageloan pending final payout of such funds in accordance with the terms of theresidential mortgage loan;
(10) "Exempt person", the following persons:
(a) Any person that is a depository institution or first-tiersubsidiary or service corporation thereof;
(b) Any person engaged solely in commercial mortgage lending or anyperson making or acquiring commercial construction loans with the person'sown funds for the person's own investment;
(c) Any person engaged solely in the business of securing existingloans on the secondary market provided such person does not make decisionsabout the extension of credit to the borrower;
(d) Any wholesale mortgage lender who purchases existing mortgageloans provided such wholesale lender does not make decisions about theextension of credit to the borrower;
(11) "Federal banking agencies", the Board of Governors of theFederal Reserve System, the Comptroller of the Currency, the Director ofthe Office of Thrift Supervision, the National Credit Union Administration,and the Federal Deposit Insurance Corporation;
(12) "Full-service office", office and staff in Missouri reasonablyadequate to handle efficiently communications, questions, and other mattersrelating to any application for a new or existing home mortgage loan whichthe residential mortgage loan broker is brokering, funding, originating,purchasing, or servicing. The management and operation of eachfull-service office shall include observance of good business practicessuch as adequate, organized, and accurate books and records, ample phonelines, hours of business, staff training and supervision, and provision fora mechanism to resolve consumer inquiries, complaints, and problems. Thedirector shall promulgate rules with regard to the requirements of thissubdivision and shall include an evaluation of compliance with thissubdivision in the periodic examination of the residential mortgage loanbroker;
(13) "Immediate family member", a spouse, child, sibling, parent,grandparent, or grandchild. Immediate family member includes stepparents,stepchildren, stepsiblings, and adoptive relationships;
(14) "Individual", a natural person;
(15) "Individual mortgage loan servicer", a person who on behalf of alender or servicer licensed by this state collects or receives paymentsincluding payments of principal, interest, escrow amounts, and otheramounts due on existing obligations due and owing to the licensed lender orservicer for a residential mortgage loan when the borrower is in default,or in reasonably foreseeable likelihood of default, working with theborrower and the licensed lender or servicer, collects data and makesdecisions necessary to modify either temporarily or permanently certainterms of those obligations, or otherwise finalizing collection through theforeclosure process;
(16) "Lender", any person who either lends money for or invests moneyin residential mortgage loans;
(17) "Licensee", any person licensed under sections 443.701 to443.893;
(18) "Loan brokering", "mortgage brokering", or "mortgage brokerageservice", the act of helping to obtain for an investor or from an investorfor a borrower a residential mortgage loan secured by real estate situatedin Missouri or assisting an investor or a borrower in obtaining aresidential mortgage loan secured by real estate situated in Missouri inreturn for consideration;
(19) "Loan processor or underwriter", an individual who performsclerical or support duties as an employee at the direction of and subjectto the supervision and instruction of a person licensed or exempt fromlicensing under sections 443.701 to 443.893;
(a) For purposes of this definition, clerical or support duties mayinclude activities subsequent to the receipt of a residential mortgage loanapplication, including:
a. The receipt, collection, distribution, and analysis or informationcommon for the processing or underwriting of a residential mortgage loan;and
b. Communicating with a consumer to obtain the information necessaryfor the processing or underwriting of a loan, to the extent that suchcommunication does not include offering or negotiating loan rates or terms,or counseling consumers about residential mortgage loan rates or terms;
(b) For an individual to be considered engaged solely in loanprocessor or underwriter activities, such individual shall not represent tothe public through advertising or other means of communicating or providinginformation, including the use of business cards, stationery, brochures,signs, rate lists, or other promotional items, that such individual can orwill perform any of the activities of a mortgage loan originator;
(20) "Mortgage loan originator", an individual who for compensationor gain or in the expectation of compensation or gain takes a residentialmortgage loan application, or offers or negotiates terms of a residentialmortgage loan. Mortgage loan originator does not include:
(a) An individual engaged solely as a loan processor or underwriterexcept as otherwise provided in sections 443.701 to 443.893;
(b) A person that only performs real estate brokerage activities andis licensed or registered in accordance with Missouri law, unless theperson is compensated by a lender, a mortgage broker, or other mortgageloan originator or by any agent of such lender, mortgage broker, or othermortgage loan originator;
(c) A person solely involved in extensions of credit relating totime-share plans, as the term time-share plans is defined in section101(53D) of Title 11, United States Code;
(d) An individual who is servicing a mortgage loan; and
(e) A person employed by a licensed mortgage broker or loanoriginator who accepts or receives residential mortgage loan applications;
(21) "Nationwide Mortgage Licensing System and Registry" or "NMLSR",a mortgage licensing system developed and maintained by the Conference ofState Bank Supervisors and the American Association of Residential MortgageRegulators for the licensing and registration of licensed mortgage loanoriginators or licensed residential mortgage brokers;
(22) "Nontraditional mortgage product", any mortgage product otherthan a thirty-year fixed rate mortgage;
(23) "Party to a residential mortgage financing transaction", aborrower, lender, or loan broker in a residential mortgage financingtransaction;
(24) "Payments", payment of all or any part of the following:principal, interest and escrow reserves for taxes, insurance, and otherrelated reserves and reimbursement for lender advances;
(25) "Person", a natural person, corporation, company, limitedliability company, partnership, or association;
(26) "Purchasing", the purchase of conventional or government-insuredmortgage loans secured by residential real estate from either the lender orfrom the secondary market;
(27) "Real estate brokerage activity", any activity that involvesoffering or providing real estate brokerage services to the public,including:
(a) Acting as a real estate agent or real estate broker for a buyer,seller, lessor, or lessee of real property;
(b) Bringing together parties interested in the sale, purchase,lease, rental, or exchange of real property;
(c) Negotiating on behalf of any buyer, seller or lessor any portionof a contract relating to the sale, purchase, lease, rental, or exchange ofreal property, but not activity to obtain a residential mortgage loan for aborrower other than bona fide seller financing;
(d) Engaging in any activity for which a person engaged in theactivity is required to be registered or licensed as a real estate agent orreal estate broker under any applicable law; and
(e) Offering to engage in any authorized activity or act in anyauthorized capacity described in paragraph (a), (b), (c), or (d) of thissubdivision;
(28) "Residential mortgage board", the residential mortgage boardcreated in section 443.816;
(29) "Residential mortgage financing transaction", the negotiation,acquisition, sale, or arrangement for or the offer to negotiate, acquire,sell, or arrange for a residential mortgage loan or residential mortgageloan commitment;
(30) "Residential mortgage loan", any loan primarily for personal,family, or household use that is secured by a mortgage, deed of trust, orother equivalent consensual security interest on a dwelling or residentialreal estate upon which is constructed or intended to be constructed adwelling;
(31) "Residential mortgage loan broker", any person, other than anexempt person, engaged in the business of brokering, funding, servicing, orpurchasing residential mortgage loans;
(32) "Residential mortgage loan brokerage agreement", a writtenagreement in which a residential mortgage broker agrees to do either of thefollowing:
(a) Obtain a residential mortgage loan for the borrower or assist theborrower in obtaining a residential mortgage loan; or
(b) Consider making a residential mortgage loan to the borrower;
(33) "Residential mortgage loan commitment", a written conditionalagreement to finance a residential mortgage loan;
(34) "Registered mortgage loan originator", any individual who:
(a) Meets the definition of mortgage loan originator and is anemployee of:
a. A depository institution;
b. A subsidiary or service corporation that is:
(i) Owned and controlled by a depository institution; and
(ii) Regulated by a federal banking agency; or
c. An institution regulated by the Farm Credit Administration; and
(b) Is registered with and maintains a unique identifier through, theNMLSR;
(35) "Residential real estate", any real property located in Missouriupon which is constructed or intended to be constructed a dwelling;
(36) "Servicing", the collection or remittance for, or the right orobligation to collect or remit for, any lender, noteowner, noteholder orfor a residential mortgage loan broker's own account of payments,interests, principal and trust items such as hazard insurance and taxes ona residential mortgage loan and includes loan payment follow-up,delinquency loan follow-up, loan analysis and any notifications to theborrower that are necessary to enable the borrower to keep the loan currentand in good standing;
(37) "Soliciting, processing, placing, or negotiating a residentialmortgage loan", for compensation or gain, either directly or indirectlyaccepting or offering to accept an application for a residential mortgageloan, assisting or offering to assist in the processing of an applicationfor a residential mortgage loan on behalf of a borrower, or negotiating oroffering to negotiate the terms or conditions of a residential mortgageloan with a lender on behalf of a borrower, including but not limited tothe submission of credit packages for the approval of lenders, thepreparation of residential mortgage loan closing documents, and including aclosing in the name of a broker;
(38) "Ultimate equitable owner", a person who, directly orindirectly, owns or controls an ownership interest in a corporation,foreign corporation, alien business organization, trust, or any other formof business organization regardless of whether the person owns or controlsthe ownership interest through one or more persons or one or more proxies,powers of attorney, nominees, corporations, associations, partnerships,trusts, joint stock companies, or other entities or devices, or anycombination thereof;
(39) "Unique identifier", a number or other identifier assigned byprotocols established by the NMLSR.
2. The director may define by rule any terms used in sections 443.701to 443.893 for efficient and clear administration.
