§ 6.2-1700. (Effective October 1, 2010) Definitions.
As used in this chapter:
"Act" means the federal Secure and Fair Enforcement for Mortgage LicensingAct, Title V (§ 1501 et seq.) of the Housing and Economic Recovery Act of2008, P.L. 110-289.
"Administrative or clerical tasks" means the receipt, collection, anddistribution of information common for the processing or underwriting of aresidential mortgage loan in the mortgage industry and communication with theconsumer to obtain information necessary for the processing or underwritingof a residential mortgage loan.
"Depository institution" has the same meaning as in § 3 of the FederalDeposit Insurance Act (12 U.S.C. § 1811 et seq.), and includes any creditunion.
"Federal banking agencies" means the Board of Governors of the FederalReserve System, the Comptroller of the Currency, the Director of the Officeof Thrift Supervision, the National Credit Union Administration, and theFederal Deposit Insurance Corporation.
"Immediate family member" means a spouse, child, sibling, parent,grandparent, or grandchild. This includes stepparents, stepchildren,stepsiblings, and adoptive relationships.
"Individual loan servicer" means any person who, on behalf of the noteholder, collects or receives payments, including payments of principal,interest, escrow amounts, and other amounts due, on obligations due and owingto the note holder pursuant to a residential mortgage loan, or who, when theborrower is in default or in foreseeable likelihood of default, works onbehalf of the note holder with the borrower to modify or refinance, eithertemporarily or permanently, the obligations in order to avoid foreclosure orotherwise to finalize collection through the foreclosure process.
"Licensee" means an individual licensed under this chapter.
"Loan processor or underwriter" means an individual who performs clericalor support duties at the direction of and subject to the supervision andinstruction of a licensee or a person exempt from licensing under thischapter. For the purposes of this definition, clerical or support duties mayinclude (i) the receipt, collection, distribution, and analysis ofinformation common for the processing or underwriting of a residentialmortgage loan and (ii) communication with a consumer to obtain theinformation necessary for the processing or underwriting of a residentialmortgage loan, to the extent that such communication does not includeoffering or negotiating loan rates or terms, or counseling consumers aboutresidential mortgage loan rates or terms.
"Mortgage loan originator" means an individual who takes an applicationfor or offers or negotiates the terms of a residential mortgage loan, asdefined in § 1503(8) of the Act, that is secured by real property located inthe Commonwealth. "Mortgage loan originator" does not include (i) anyindividual who only performs administrative or clerical tasks on behalf of aperson licensed or exempt pursuant to Chapter 16 (§ 6.2-1600 et seq.) or onbehalf of any individual licensed pursuant to this chapter; (ii) anyindividual who only performs real estate brokerage activities and is licensedor registered in accordance with applicable law, unless the individual iscompensated by the lender, a mortgage broker, or other mortgage loanoriginator or by any agent of such lender, mortgage broker, or other mortgageloan originator; (iii) any individual solely involved in extensions of creditrelating to timeshare plans, as that term is defined in 11 U.S.C. § 101(53D);(iv) a registered mortgage loan originator; (v) any individual who offers ornegotiates terms of a residential mortgage loan with or on behalf of animmediate family member of the individual; (vi) any individual who offers ornegotiates terms of a residential mortgage loan secured by a dwelling thatserves as the individual's residence; (vii) a licensed attorney whonegotiates the terms of a residential mortgage loan on behalf of a client asan ancillary matter to the attorney's representation of the client, unlessthe attorney 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; or (viii) any individual acting as an individualloan servicer.
"Nationwide Mortgage Licensing System and Registry" or "Registry" meansa 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 mortgage loan originators.
"Nontraditional mortgage product" means any mortgage product other than a30-year fixed rate mortgage.
"Real estate brokerage activities" means any activity governed by Chapter21 (§ 54.1-2100 et seq.) of Title 54.1.
"Registered mortgage loan originator" means any individual who (i) takesan application for or offers or negotiates the terms of a residentialmortgage loan, as defined in § 1503(8) of the Act, that is secured by realproperty located in the Commonwealth and is an employee of (a) a depositoryinstitution, (b) a subsidiary that is owned and controlled by a depositoryinstitution and regulated by a federal banking agency, or (c) an institutionregulated by the Farm Credit Administration, and (ii) is registered with, andmaintains a unique identifier through, the Registry.
"Unique identifier" means a number or other identifier assigned byprotocols established by the Registry.
§ 6.2-1700. (Effective October 1, 2010) Definitions.
As used in this chapter:
"Act" means the federal Secure and Fair Enforcement for Mortgage LicensingAct, Title V (§ 1501 et seq.) of the Housing and Economic Recovery Act of2008, P.L. 110-289.
"Administrative or clerical tasks" means the receipt, collection, anddistribution of information common for the processing or underwriting of aresidential mortgage loan in the mortgage industry and communication with theconsumer to obtain information necessary for the processing or underwritingof a residential mortgage loan.
"Depository institution" has the same meaning as in § 3 of the FederalDeposit Insurance Act (12 U.S.C. § 1811 et seq.), and includes any creditunion.
"Federal banking agencies" means the Board of Governors of the FederalReserve System, the Comptroller of the Currency, the Director of the Officeof Thrift Supervision, the National Credit Union Administration, and theFederal Deposit Insurance Corporation.
"Immediate family member" means a spouse, child, sibling, parent,grandparent, or grandchild. This includes stepparents, stepchildren,stepsiblings, and adoptive relationships.
"Individual loan servicer" means any person who, on behalf of the noteholder, collects or receives payments, including payments of principal,interest, escrow amounts, and other amounts due, on obligations due and owingto the note holder pursuant to a residential mortgage loan, or who, when theborrower is in default or in foreseeable likelihood of default, works onbehalf of the note holder with the borrower to modify or refinance, eithertemporarily or permanently, the obligations in order to avoid foreclosure orotherwise to finalize collection through the foreclosure process.
"Licensee" means an individual licensed under this chapter.
"Loan processor or underwriter" means an individual who performs clericalor support duties at the direction of and subject to the supervision andinstruction of a licensee or a person exempt from licensing under thischapter. For the purposes of this definition, clerical or support duties mayinclude (i) the receipt, collection, distribution, and analysis ofinformation common for the processing or underwriting of a residentialmortgage loan and (ii) communication with a consumer to obtain theinformation necessary for the processing or underwriting of a residentialmortgage loan, to the extent that such communication does not includeoffering or negotiating loan rates or terms, or counseling consumers aboutresidential mortgage loan rates or terms.
"Mortgage loan originator" means an individual who takes an applicationfor or offers or negotiates the terms of a residential mortgage loan, asdefined in § 1503(8) of the Act, that is secured by real property located inthe Commonwealth. "Mortgage loan originator" does not include (i) anyindividual who only performs administrative or clerical tasks on behalf of aperson licensed or exempt pursuant to Chapter 16 (§ 6.2-1600 et seq.) or onbehalf of any individual licensed pursuant to this chapter; (ii) anyindividual who only performs real estate brokerage activities and is licensedor registered in accordance with applicable law, unless the individual iscompensated by the lender, a mortgage broker, or other mortgage loanoriginator or by any agent of such lender, mortgage broker, or other mortgageloan originator; (iii) any individual solely involved in extensions of creditrelating to timeshare plans, as that term is defined in 11 U.S.C. § 101(53D);(iv) a registered mortgage loan originator; (v) any individual who offers ornegotiates terms of a residential mortgage loan with or on behalf of animmediate family member of the individual; (vi) any individual who offers ornegotiates terms of a residential mortgage loan secured by a dwelling thatserves as the individual's residence; (vii) a licensed attorney whonegotiates the terms of a residential mortgage loan on behalf of a client asan ancillary matter to the attorney's representation of the client, unlessthe attorney 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; or (viii) any individual acting as an individualloan servicer.
"Nationwide Mortgage Licensing System and Registry" or "Registry" meansa 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 mortgage loan originators.
"Nontraditional mortgage product" means any mortgage product other than a30-year fixed rate mortgage.
"Real estate brokerage activities" means any activity governed by Chapter21 (§ 54.1-2100 et seq.) of Title 54.1.
"Registered mortgage loan originator" means any individual who (i) takesan application for or offers or negotiates the terms of a residentialmortgage loan, as defined in § 1503(8) of the Act, that is secured by realproperty located in the Commonwealth and is an employee of (a) a depositoryinstitution, (b) a subsidiary that is owned and controlled by a depositoryinstitution and regulated by a federal banking agency, or (c) an institutionregulated by the Farm Credit Administration, and (ii) is registered with, andmaintains a unique identifier through, the Registry.
"Unique identifier" means a number or other identifier assigned byprotocols established by the Registry.
§ 6.2-1700. (Effective October 1, 2010) Definitions.
As used in this chapter:
"Act" means the federal Secure and Fair Enforcement for Mortgage LicensingAct, Title V (§ 1501 et seq.) of the Housing and Economic Recovery Act of2008, P.L. 110-289.
"Administrative or clerical tasks" means the receipt, collection, anddistribution of information common for the processing or underwriting of aresidential mortgage loan in the mortgage industry and communication with theconsumer to obtain information necessary for the processing or underwritingof a residential mortgage loan.
"Depository institution" has the same meaning as in § 3 of the FederalDeposit Insurance Act (12 U.S.C. § 1811 et seq.), and includes any creditunion.
"Federal banking agencies" means the Board of Governors of the FederalReserve System, the Comptroller of the Currency, the Director of the Officeof Thrift Supervision, the National Credit Union Administration, and theFederal Deposit Insurance Corporation.
"Immediate family member" means a spouse, child, sibling, parent,grandparent, or grandchild. This includes stepparents, stepchildren,stepsiblings, and adoptive relationships.
"Individual loan servicer" means any person who, on behalf of the noteholder, collects or receives payments, including payments of principal,interest, escrow amounts, and other amounts due, on obligations due and owingto the note holder pursuant to a residential mortgage loan, or who, when theborrower is in default or in foreseeable likelihood of default, works onbehalf of the note holder with the borrower to modify or refinance, eithertemporarily or permanently, the obligations in order to avoid foreclosure orotherwise to finalize collection through the foreclosure process.
"Licensee" means an individual licensed under this chapter.
"Loan processor or underwriter" means an individual who performs clericalor support duties at the direction of and subject to the supervision andinstruction of a licensee or a person exempt from licensing under thischapter. For the purposes of this definition, clerical or support duties mayinclude (i) the receipt, collection, distribution, and analysis ofinformation common for the processing or underwriting of a residentialmortgage loan and (ii) communication with a consumer to obtain theinformation necessary for the processing or underwriting of a residentialmortgage loan, to the extent that such communication does not includeoffering or negotiating loan rates or terms, or counseling consumers aboutresidential mortgage loan rates or terms.
"Mortgage loan originator" means an individual who takes an applicationfor or offers or negotiates the terms of a residential mortgage loan, asdefined in § 1503(8) of the Act, that is secured by real property located inthe Commonwealth. "Mortgage loan originator" does not include (i) anyindividual who only performs administrative or clerical tasks on behalf of aperson licensed or exempt pursuant to Chapter 16 (§ 6.2-1600 et seq.) or onbehalf of any individual licensed pursuant to this chapter; (ii) anyindividual who only performs real estate brokerage activities and is licensedor registered in accordance with applicable law, unless the individual iscompensated by the lender, a mortgage broker, or other mortgage loanoriginator or by any agent of such lender, mortgage broker, or other mortgageloan originator; (iii) any individual solely involved in extensions of creditrelating to timeshare plans, as that term is defined in 11 U.S.C. § 101(53D);(iv) a registered mortgage loan originator; (v) any individual who offers ornegotiates terms of a residential mortgage loan with or on behalf of animmediate family member of the individual; (vi) any individual who offers ornegotiates terms of a residential mortgage loan secured by a dwelling thatserves as the individual's residence; (vii) a licensed attorney whonegotiates the terms of a residential mortgage loan on behalf of a client asan ancillary matter to the attorney's representation of the client, unlessthe attorney 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; or (viii) any individual acting as an individualloan servicer.
"Nationwide Mortgage Licensing System and Registry" or "Registry" meansa 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 mortgage loan originators.
"Nontraditional mortgage product" means any mortgage product other than a30-year fixed rate mortgage.
"Real estate brokerage activities" means any activity governed by Chapter21 (§ 54.1-2100 et seq.) of Title 54.1.
"Registered mortgage loan originator" means any individual who (i) takesan application for or offers or negotiates the terms of a residentialmortgage loan, as defined in § 1503(8) of the Act, that is secured by realproperty located in the Commonwealth and is an employee of (a) a depositoryinstitution, (b) a subsidiary that is owned and controlled by a depositoryinstitution and regulated by a federal banking agency, or (c) an institutionregulated by the Farm Credit Administration, and (ii) is registered with, andmaintains a unique identifier through, the Registry.
"Unique identifier" means a number or other identifier assigned byprotocols established by the Registry.
