Definitions

As used in 209 CMR 41.00 the following words shall, unless the context otherwise requires, have the following meanings, unless the context otherwise requires: Applicant means any Mortgage Loan Originator who is required to be licensed under the provisions of M.G.L. c. 255F, § 2. Bona Fide Nonprofit Affordable Homeownership Organization, a Massachusetts nonprofit corporation with a primary purpose of helping qualified low-income individuals build, repair and purchase affordable housing and meets the definition of Bona Fide Nonprofit Organization set forth in 12 CFR Part 1008.103(e)(7)(ii). Clerical or Support Duties may include the following activities, conducted subsequent to the receipt of an application: (a) the receipt, collection, distribution, and analysis of information common for the pro- cessing or underwriting of a residential mortgage loan; and (b) 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. Commissioner means the Commissioner of Banks. Depository Institution means “depository institution” as defined in the Federal Deposit Insurance Act § 3, and shall include credit unions. Division means the Division of Banks. Employing Entity means the Entity with whom the Mortgage Loan Originator is employed. Entity means a mortgage broker and/or mortgage lender that is licensed under M.G.L. c. 255E. Federal Banking Agencies means the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the National Credit Union Administration, and the Federal Deposit Insurance Corporation. Immediate Family Member means a spouse, child, step child, adopted child, sibling, step sibling, adopted sibling, parent, step parent, adopted parent, grandparent, or grandchild. Individual means a natural person. Instrumentality Created by the United States or Any State means a federal, state, municipal govern- ment, quasi-governmental entity or a nonprofit agency or corporation incorporated under the laws of the commonwealth that has a tax exempt status granted under the provisions of section 501(c)(3) of the federal Internal Revenue Code, which exclusively makes or issues commitments for mort- gage loans on residential property to be financed with public funds, or negotiates, places, assists in the placement of, finds, or offers to negotiate, place, assist in the placement of or find mortgage loans on residential property to be financed with public funds only under a contract with a federal, state, or municipal government, any instrumentality thereof or any quasi-governmental entity as de- termined by the commissioner. The making of a mortgage loan shall include being named as the lender or mortgagee on the note, mortgage or other loan documents. Licensee means any person who is licensed by the Commissioner as a Mortgage Loan Originator under M.G.L. c. 255F and 209 CMR 41.00. Loan Processor or Underwriter means an individual who performs clerical or support duties as an employee at the direction of and subject to the supervision and instruction of a person licensed, or exempt from licensing under 209 CMR 41.00; provided, however, that said person shall not repre- sent to the public, through advertising or other means of communicating or providing information including, but not limited to, the use of business cards, stationery, brochures, signs, rate lists, or other promotional items, that such individual is licensed or otherwise authorized by law to perform any of the activities of a Mortgage Loan Originator or that such person intends to perform any of the activities of a Mortgage Loan Originator. Mortgage Loan Originator means a natural person who is employed by no more than one entity and for compensation or gain or in the expectation of compensation or gain: (a) takes a residential mortgage loan application; or (b) offers or negotiates terms of a residential mortgage loan. NMLS means the Nationwide Multi-state Licensing System & Registry, a multistate licensing sys- tem owned and operated by the State Regulatory Registry LLC (SRR), a wholly owned subsidiary of the Conference of State Bank Supervisors (CSBS), an association of state financial services regu- lators. Nontraditional Mortgage Product means any mortgage product other than a 30-year fixed rate mort- gage. Person means a natural person, corporation, company, limited liability company, partnership, or as- sociation. Real Estate Brokerage Activity means any activity involving offering or providing real estate bro- kerage services to the public, including without limitation: (a) acting as a real estate agent or real estate broker for a buyer, seller, lessor, or lessee of real prop- erty; (b) facilitating the sale, purchase, lease, rental, or exchange of real property; (c) negotiating, on behalf of any person, 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; (d) engaging in any activity for which a registration or license as a real estate agent or real estate broker is required; and (e) offering to engage in any activity, or act in any capacity, described in 209 CMR 41.02: Real Es- tate Brokerage Activity(a) through (d). Registered Mortgage Loan Originator means any individual who: (a) meets the definition of Mortgage Loan Originator and is an employee of: 1. a depository institution; 2. a subsidiary that is: a. owned and controlled by a depository institution; and b. regulated by a federal banking agency; or 3. an institution regulated by the Farm Credit Administration; and (b) is registered with, and maintains a unique identifier through, the NMLS. 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 § 103(v) of the Truth in Lending Act, 15 U.S.C. § 1602(v) or residential real estate upon which is constructed or intended to be constructed a dwelling as so defined. Residential Real Estate means any real property located in the Commonwealth upon which is con- structed or intended to be constructed a dwelling. Termination means the ending of a Mortgage Loan Originator's employment with an Employing Entity, including but not limited to: voluntary resignation; discharge for cause; dismissal; forced resignation; layoff. Unique Identifier means a number or other identifier assigned by protocols established by the NMLS.