§ 6.1-409. (Repealed effective October 1, 2010) Definitions.
As used in this chapter, the following words and terms shall have thefollowing meanings unless the context requires a different meaning:
"Commissioner" means the Commissioner of the Bureau of FinancialInstitutions.
"Entity" means any corporation, partnership, association, cooperative,limited liability company, trust, joint venture, or other legal or commercialentity.
"Mortgage broker" means any person who directly or indirectly negotiates,places or finds mortgage loans for others, or offers to negotiate, place orfind mortgage loans for others. Any licensed mortgage lender that, pursuantto an executed originating agreement with the Virginia Housing DevelopmentAuthority, acts or offers to act as an originating agent of the VirginiaHousing Development Authority in connection with a mortgage loan shall not bedeemed to be acting as a mortgage broker with respect to such mortgage loanbut shall be deemed to be acting as a mortgage lender with respect to suchmortgage loan, notwithstanding that the Virginia Housing DevelopmentAuthority is or would be the payee on the note evidencing such mortgage loanand that the Virginia Housing Development Authority provides or would providethe funding of such mortgage loan prior to or at the settlement thereof.
"Mortgage lender" means any person who directly or indirectly originates ormakes mortgage loans.
"Mortgage loan" means a loan made to an individual, the proceeds of whichare to be used primarily for personal, family or household purposes, whichloan is secured by a mortgage or deed of trust upon any interest in one- tofour-family residential property located in the Commonwealth, regardless ofwhere made, including the renewal or refinancing of any such loan, butexcluding (i) loans or extensions of credit to buyers of real property forany part of the purchase price of such property by persons selling suchproperty owned by them, (ii) loans to persons related to the lender by bloodor marriage, and (iii) loans to persons who are bona fide employees of thelender. "Mortgage loan" shall not include any loan secured by a mortgage ordeed of trust upon any interest in a more than four-family residentialproperty or property used for a commercial or agricultural purpose.
"Nationwide Mortgage Licensing System and Registry" or "Registry" meansthe mortgage licensing and registration system developed and maintained bythe Conference of State Bank Supervisors and the American Association ofResidential Mortgage Regulators.
"Person" means any individual or entity.
"Principal" means any person who, directly or indirectly, owns or controlsa 10 percent or greater interest in any entity.
"Residential property" means improved real property used or occupied, orintended to be used or occupied, for residential purposes.
(1987, c. 596; 1993, c. 183; 2006, c. 422; 2008, c. 863; 2010, cc. 146, 665,831.)
§ 6.1-409. (Repealed effective October 1, 2010) Definitions.
As used in this chapter, the following words and terms shall have thefollowing meanings unless the context requires a different meaning:
"Commissioner" means the Commissioner of the Bureau of FinancialInstitutions.
"Entity" means any corporation, partnership, association, cooperative,limited liability company, trust, joint venture, or other legal or commercialentity.
"Mortgage broker" means any person who directly or indirectly negotiates,places or finds mortgage loans for others, or offers to negotiate, place orfind mortgage loans for others. Any licensed mortgage lender that, pursuantto an executed originating agreement with the Virginia Housing DevelopmentAuthority, acts or offers to act as an originating agent of the VirginiaHousing Development Authority in connection with a mortgage loan shall not bedeemed to be acting as a mortgage broker with respect to such mortgage loanbut shall be deemed to be acting as a mortgage lender with respect to suchmortgage loan, notwithstanding that the Virginia Housing DevelopmentAuthority is or would be the payee on the note evidencing such mortgage loanand that the Virginia Housing Development Authority provides or would providethe funding of such mortgage loan prior to or at the settlement thereof.
"Mortgage lender" means any person who directly or indirectly originates ormakes mortgage loans.
"Mortgage loan" means a loan made to an individual, the proceeds of whichare to be used primarily for personal, family or household purposes, whichloan is secured by a mortgage or deed of trust upon any interest in one- tofour-family residential property located in the Commonwealth, regardless ofwhere made, including the renewal or refinancing of any such loan, butexcluding (i) loans or extensions of credit to buyers of real property forany part of the purchase price of such property by persons selling suchproperty owned by them, (ii) loans to persons related to the lender by bloodor marriage, and (iii) loans to persons who are bona fide employees of thelender. "Mortgage loan" shall not include any loan secured by a mortgage ordeed of trust upon any interest in a more than four-family residentialproperty or property used for a commercial or agricultural purpose.
"Nationwide Mortgage Licensing System and Registry" or "Registry" meansthe mortgage licensing and registration system developed and maintained bythe Conference of State Bank Supervisors and the American Association ofResidential Mortgage Regulators.
"Person" means any individual or entity.
"Principal" means any person who, directly or indirectly, owns or controlsa 10 percent or greater interest in any entity.
"Residential property" means improved real property used or occupied, orintended to be used or occupied, for residential purposes.
(1987, c. 596; 1993, c. 183; 2006, c. 422; 2008, c. 863; 2010, cc. 146, 665,831.)
§ 6.1-409. (Repealed effective October 1, 2010) Definitions.
As used in this chapter, the following words and terms shall have thefollowing meanings unless the context requires a different meaning:
"Commissioner" means the Commissioner of the Bureau of FinancialInstitutions.
"Entity" means any corporation, partnership, association, cooperative,limited liability company, trust, joint venture, or other legal or commercialentity.
"Mortgage broker" means any person who directly or indirectly negotiates,places or finds mortgage loans for others, or offers to negotiate, place orfind mortgage loans for others. Any licensed mortgage lender that, pursuantto an executed originating agreement with the Virginia Housing DevelopmentAuthority, acts or offers to act as an originating agent of the VirginiaHousing Development Authority in connection with a mortgage loan shall not bedeemed to be acting as a mortgage broker with respect to such mortgage loanbut shall be deemed to be acting as a mortgage lender with respect to suchmortgage loan, notwithstanding that the Virginia Housing DevelopmentAuthority is or would be the payee on the note evidencing such mortgage loanand that the Virginia Housing Development Authority provides or would providethe funding of such mortgage loan prior to or at the settlement thereof.
"Mortgage lender" means any person who directly or indirectly originates ormakes mortgage loans.
"Mortgage loan" means a loan made to an individual, the proceeds of whichare to be used primarily for personal, family or household purposes, whichloan is secured by a mortgage or deed of trust upon any interest in one- tofour-family residential property located in the Commonwealth, regardless ofwhere made, including the renewal or refinancing of any such loan, butexcluding (i) loans or extensions of credit to buyers of real property forany part of the purchase price of such property by persons selling suchproperty owned by them, (ii) loans to persons related to the lender by bloodor marriage, and (iii) loans to persons who are bona fide employees of thelender. "Mortgage loan" shall not include any loan secured by a mortgage ordeed of trust upon any interest in a more than four-family residentialproperty or property used for a commercial or agricultural purpose.
"Nationwide Mortgage Licensing System and Registry" or "Registry" meansthe mortgage licensing and registration system developed and maintained bythe Conference of State Bank Supervisors and the American Association ofResidential Mortgage Regulators.
"Person" means any individual or entity.
"Principal" means any person who, directly or indirectly, owns or controlsa 10 percent or greater interest in any entity.
"Residential property" means improved real property used or occupied, orintended to be used or occupied, for residential purposes.
(1987, c. 596; 1993, c. 183; 2006, c. 422; 2008, c. 863; 2010, cc. 146, 665,831.)
