Code of Virginia § 6.2-1700. Definitions.
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/va/title-6-2/chapter-17/6-2-1700A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
As used in this chapter:
"Act" means the federal Secure and Fair Enforcement for Mortgage Licensing Act, Title V (§ 1501 et seq.) of the Housing and Economic Recovery Act of 2008, P.L. 110-289.
"Administrative or clerical tasks" means the receipt, collection, and distribution of information common for the processing or underwriting of a residential mortgage loan in the mortgage industry and communication with the consumer to obtain information necessary for the processing or underwriting of a residential mortgage loan.
"Covered financial institution" has the same meaning as that term is defined in 12 C.F.R. § 1007.102.
"Dwelling" means a residential structure or mobile home that contains one to four family housing units, or individual units of condominiums or cooperatives.
"Employee" means an individual
(i)whose manner and means of performance of work are subject to the right of control of, or are controlled by, a person and
(ii)whose compensation for federal income tax purposes is reported, or required to be reported, on a W-2 form issued by the controlling person.
"Immediate family member" means a spouse, child, sibling, parent, grandparent, or grandchild. This includes stepparents, stepchildren, stepsiblings, and adoptive relationships.
"Licensee" means an individual licensed under this chapter.
"Loan processor or underwriter" 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 a licensee or a registered mortgage loan originator. For the purposes of this definition, clerical or support duties include
(i)the receipt, collection, distribution, and analysis of information common for the processing or underwriting of a residential mortgage loan and
(ii)communication with a consumer to obtain the information necessary for the processing or underwriting of a residential mortgage 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.
"Mortgage loan originator" means an individual who
(i)takes an application for or offers or negotiates the terms of a residential mortgage loan in which the dwelling is or will be located in the Commonwealth or
(ii)represents 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 described in clause (i).
"Nationwide Multistate Licensing System and Registry" or "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 mortgage loan originators.
"Nontraditional mortgage product" means any mortgage product other than a 30-year fixed rate mortgage.
"Real estate brokerage activities" means any activity that involves offering or providing real estate brokerage services to the public, including
(i)acting as a real estate broker, real estate agent, or real estate salesperson for a buyer, seller, lessor, or lessee of real property;
(ii)bringing together parties interested in the sale, purchase, lease, rental, or exchange of real property;
(iii)negotiating 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;
(iv)engaging in any activity for which a person is required to be licensed or registered as a real estate broker, real estate agent, or real estate salesperson; and
(v)offering to engage in any activity or act in any capacity described in clauses
(i)through (iv).
"Registered mortgage loan originator" means any individual who
(i)takes an application for or offers or negotiates the terms of a residential mortgage loan in which the dwelling is or will be located in the Commonwealth,
(ii)is an employee of a covered financial institution, and
(iii)is registered with, and maintains a unique identifier through, the Registry.
"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 or residential real estate upon which is constructed or intended to be constructed a dwelling.
"Unique identifier" means a number or other identifier assigned by protocols established by the Registry that permanently identifies a mortgage loan originator.
2009, cc. 273 , 453 , § 6.1-431.1; 2010, c. 794 ; 2011, cc. 301 , 435 ; 2012, cc. 52 , 187 ; 2013, cc. 20 , 380 ; 2014, cc. 295 , 343 ; 2019, c. 740 .