Certain Definitions Flashcards
What would be considered a Mortgage Bankers “Own Resources?”
cash, corporate capital, warehouse credit lines at a financial institution or other sources that are liability items in the mortgage banker’s financial statement for which the mortgage banker’s assets are pledged.
correspondent contracts between the mortgage banker and a bank, savings bank, trust company, savings and loan association, credit union, profit sharing or pension trust, a lender making payday or title loans, consumer finance lender or an insurance company.
an affiliate of the mortgage banker.
A Mortgage Broker is any person that…
- For itself or others, engages in the business of:
- selling real estate paper; or
- accepting funds for investment in real estate paper. - Directly or indirectly makes, negotiates, or offers to make or negotiate a mortgage loan for compensation or in the expectation of compensation.
A mortgage loan is a…
loan, extension of credit or retail sales contract, other than a mortgage banking loan that is secured by a mortgage or deed of trust or a lien interest on real property to which the owner of the real property consents.
A Mortgage banker is any person who for compensation…
either directly or indirectly makes or negotiates, or offers to make or negotiate, a mortgage banking loan or a mortgage loan; and
services or sells a mortgage banking loan.
A Mortgage loan originator is any person who for compensation…
takes an application for a residential mortgage loan; or
offers or negotiates the terms of a residential mortgage loan.
A Registered Mortgage Loan Originator is an individual who…
is registered with, and maintains a unique identifier through, the NMLS;
meets the definition of mortgage loan originator; and
is an employee of a(n):
institution regulated by the Farm Credit Administration; or
depository institution (i.e., any bank, savings association, or credit union), or a subsidiary owned and controlled by a depository institution, regulated by a federal banking agency. (ORS 86A.200(1))
Federal Banking Agencies include…
- the Board of Governors of the Federal Reserve System.
- the Comptroller of the Currency.
- the National Credit Union Administration.
- the Board of Directors of the Federal Deposit Insurance Corporation.
A Mortgage Lender License permits a company to:
act as a mortgage banker and/or mortgage broker
Mortgage Brokers and Mortgage Bankers must be ________ or ________ in the state of Oregon if they engage in residential mortgage transactions.
Licensed or qualify to be Exempt
