§ 1008.23. Definitions.

950 words·~4 min read·/us/cfr/t12/s§ 1008.23·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Terms that are defined in the S.A.F.E. Act and used in this part have the same meaning as in the S.A.F.E. Act, unless otherwise provided in this section. Administrative or clerical tasks means the receipt, collection, and distribution of information common for the processing or underwriting of a loan in the mortgage industry and communication with a consumer to obtain information necessary for the processing or underwriting of a residential mortgage loan. American Association of Residential Mortgage Regulators (AARMR) is the national association of executives and employees of the various states who are charged with the responsibility for administration and regulation of residential mortgage lending, servicing, and brokering, and dedicated to the goals described at www.aarmr.org.

Application means a request, in any form, for an offer (or a response to a solicitation of an offer) of residential mortgage loan terms, and the information about the borrower or prospective borrower that is customary or necessary in a decision on whether to make such an offer. Bureau means the Bureau of Consumer Financial Protection. Clerical or support duties:

(1)Include:

(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; and

(2)Does not include:

(i)Taking a residential mortgage loan application; or

(ii)Offering or negotiating terms of a residential mortgage loan. Conference of State Bank Supervisors

(CSBS)is the national organization composed of state bank supervisors dedicated to maintaining the state banking system and state regulation of financial services in accordance with the CSBS statement of principles described at www.csbs.org. Director means the Director of the Bureau of Consumer Financial Protection. Employee means an individual:

(1)Whose manner and means of performance of work are subject to the right of control of, or are controlled by, a person, and

(2)Whose compensation for Federal income tax purposes is reported, or required to be reported, on a W-2 form issued by the controlling person. Farm Credit Administration means the independent Federal agency, authorized by the Farm Credit Act of 1971, that examines and regulates the Farm Credit System. For compensation or gain. See § 1008.103(c)(2)(ii). Independent contractor means an individual who performs his or her duties other than at the direction of and subject to the supervision and instruction of an individual who is licensed and registered in accordance with § 1008.103(a), or is not required to be licensed, in accordance with § 1008.103(e)(5), (6), or (7). Loan originator. See § 1008.103. Loan processor or underwriter, for purposes of this part, means an individual who, with respect to the origination of a residential mortgage loan, performs clerical or support duties at the direction of and subject to the supervision and instruction of:

(1)A state-licensed loan originator; or

(2)A registered loan originator. Nationwide Mortgage Licensing System and Registry or NMLSR means the 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 loan originators and the registration of registered loan originators or any system established by the Director, as provided in subpart D of this part. Nontraditional mortgage product means any mortgage product other than a 30-year fixed-rate mortgage. Origination of a residential mortgage loan, for purposes of the definition of loan processor or underwriter, means all residential mortgage loan-related activities from the taking of a residential mortgage loan application through the completion of all required loan closing documents and funding of the residential mortgage loan. Real estate brokerage activities mean any activity that involves offering or providing real estate brokerage services to the public including—

(1)Acting as a real estate agent or real estate broker for a buyer, seller, lessor, or lessee of real property;

(2)Bringing together parties interested in the sale, purchase, lease, rental, or exchange of real property;

(3)Negotiating, on behalf of any party, any portion of a contract relating to the sale, purchase, lease, rental, or exchange of real property (other than in connection with providing financing with respect to any such transaction);

(4)Engaging in any activity for which a person engaged in the activity is required to be registered as a real estate agent or real estate broker under any applicable law; and

(5)Offering to engage in any activity, or act in any capacity, described in paragraphs (1), (2), (3), or

(4)of this definition. Residential mortgage loan means any loan 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(w) of the Truth in Lending Act) or residential real estate upon which is constructed or intended to be constructed a dwelling (as so defined). State means any state of the United States, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa, the Virgin Islands, and the Commonwealth of the Northern Mariana Islands. Unique identifier means a number or other identifier that:

(1)Permanently identifies a loan originator;

(2)Is assigned by protocols established by the Nationwide Mortgage Licensing System and Registry and the Bureau to facilitate electronic tracking of loan originators and uniform identification of, and public access to, the employment history of and the publicly adjudicated disciplinary and enforcement actions against loan originators; and

(3)Shall not be used for purposes other than those set forth under the S.A.F.E. Act.

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CFR

§ 1003.4
Compilation of reportable data.

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cites case law

§ 1008.23

Definitions.

Fed. Reg.×18

C.F.R.×1

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