UNIFORM STATE CONTENT Flashcards
(51 cards)
Course hours, approved by the NMLS, that must be completed prior to submitting a renewal application for a mortgage loan originator license through the NMLS.
Continuing Education
As set forth by the SAFE Act, this term is defined as any mortgage product other than a 30-year fixed-rate mortgage.
Nontraditional Mortgage Product
A lawsuit in which one person sues another for compensation.
Civil Litigation
Institutions with large sums of stable, long-term investment capital, looking for high return investments (such as long-term commercial real estate projects); investors in secondary mortgage markets.
Insurance Companies
A licensed mortgage loan originator who is in charge of and responsible for the operation of the branch office of a mortgage broker or mortgage lender.
Branch Manager
One (1) or more natural persons, corporations, partnerships, “of incorporation, bylaws, rules of an association, or an amendment thereto.
Person
As set forth by the SAFE Act, this term is defined as the receipt, collection, distribution, and analysis of information common for the processing or underwriting of a residential mortgage loan and the communication 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.
Clerical or Support Duties
As set forth by Regulation H, this term is defined as the independent federal agency authorized by the Farm Credit Act of 1971 that examines and regulates the Farm Credit System.
Farm Credit Administration
As set forth by the SAFE Act, this term is defined as an individual who takes a residential mortgage loan application and offers or negotiates terms of a residential mortgage loan for compensation or gain.
Loan Originator
As set forth by the SAFE Act, this term is defined as 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.
Real Estate Brokerage Activities
As set forth by the SAFE Act, this term is defined as 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.
State
As set forth by Regulation H, this term is defined as when an individual receives a residential mortgage loan application for the purpose of facilitating a decision whether to extend an offer of residential mortgage loan terms to a borrower or prospective borrower (or to accept the terms offered by a borrower or prospective borrower in response to a solicitation), whether the application is received directly or indirectly from the borrower or prospective borrower.
Takes a Residential Mortgage Loan Application
The ongoing relationship between a borrower and the entity that accepts the borrower’s payments, pays taxes and insurance (if escrowed), and is the entity that the borrower works with in the event of loan default.
Mortgage Servicing
As set forth by state model language for implementation of the SAFE Act, this term is defined as any real property located in [state], upon which is constructed or intended to be constructed a dwelling.
Residential Real Estate
As defined by the NMLS, this business activity is defined as purchasing closed mortgages (that are not currently in default) with the intent to service or resell to others.
Mortgage Loan Purchasing
As defined by the NMLS, this business activity is defined as acting as a lender or creditor by offering to provide funds to a borrower for a mortgage loan that has subordinate rights to a first mortgage.
Second Mortgage Lending
As defined by the NMLS, this term is typically used to signify the individual that represents a company and may be required to meet specific requirements. States may also refer to this individual as the “Qualified Person in Charge (QPIC)” or “Managing Principal.”
Qualified Individual
Party who, for a fee, originates loans on behalf of lenders but does not service such loans.
Mortgage Broker
A security instrument that creates a voluntary lien on real property to secure repayment of a debt.
Mortgage
Lenders who loan money for commercial real estate projects.
Commercial Real Estate Lenders
A term used to describe institutions that function either as intermediaries between borrowers and lenders (mortgage broker) or as lenders (mortgage lender).
Mortgage Companies
Financial institutions that specialize in making higher-risk loans at higher interest rates.
Finance Companies
As defined by Regulation Z, which implements TILA, dwelling means a residential structure that contains one to four units, whether or not that structure is attached to real property. The term includes an individual condominium unit, cooperative unit, mobile home, and trailer, if it is used as a residence.
Dwelling
As set forth by Regulation H, this term is defined as 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.
American Association of Residential Mortgage Regulators
