12 CFR Part 1007 — SAFE Act Federal Registration of Residential Mortgage Loan Originators (CFPB) § 1007.102 — Definitions

safe-12cfr-1007-102

12 CFR Part 1007 — SAFE Act Federal Registration of Residential Mortgage Loan Originators (CFPB), §1007.102 Definitions. Captured section-complete (all subsections verbatim).

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Verbatim regulatory text (9)

Verbatim provisions from 12 CFR Part 1007 — SAFE Act Federal Registration of Residential Mortgage Loan Originators (CFPB) § 1007.102 — Definitions — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.

12 CFR §1007.102 — Definitions: Administrative or clerical tasks

For purposes of this part, the following definitions apply: Administrative or clerical tasks means the receipt, collection, and distribution of information common for the processing or underwriting of a loan in the residential mortgage industry and communication with a consumer to obtain information necessary for the processing or underwriting of a residential mortgage loan.

Source: 12 CFR §1007.102 — Definitions: Administrative or clerical tasks · source URL · snapshot 37cbabc82c735a19

12 CFR §1007.102 — Definitions: Annual renewal period

Annual renewal period means November 1 through December 31 of each year.

Source: 12 CFR §1007.102 — Definitions: Annual renewal period · source URL · snapshot 37cbabc82c735a19

12 CFR §1007.102 — Definitions: Bureau

Bureau means the Bureau of Consumer Financial Protection.

Source: 12 CFR §1007.102 — Definitions: Bureau · source URL · snapshot 37cbabc82c735a19

12 CFR §1007.102 — Definitions: Covered financial institution

Covered financial institution means any national bank, member bank, insured state nonmember bank, savings association, Farm Credit System institution, or federally insured credit union as any such term is defined in § 1007.101(c)(1). Covered financial institution also includes a non-federally insured credit union that registers subject to the conditions of § 1007.101(c)(3).

Source: 12 CFR §1007.102 — Definitions: Covered financial institution · source URL · snapshot 37cbabc82c735a19

12 CFR §1007.102 — Definitions: Mortgage loan originator

Mortgage loan originator means (1) An individual who: (i) Takes a residential mortgage loan application; and (ii) Offers or negotiates terms of a residential mortgage loan for compensation or gain. (2)(i) The term mortgage loan originator does not include: (A) An individual who performs purely administrative or clerical tasks on behalf of an individual who is described as a mortgage loan originator in this section; (B) An individual who only performs real estate brokerage activities (as defined in 12 U.S.C. 5102(4)(D)) and is licensed or registered as a real estate broker in accordance with applicable state law, unless the individual is compensated by a lender, a mortgage broker, or other mortgage loan originator or by any agent of such lender, mortgage broker, or other mortgage loan originator, and meets the definition of mortgage loan originator in this section; or (C) An individual or entity solely involved in extensions of credit related to timeshare plans, as that term is defined in 11 U.S.C. 101(53D). (ii) Examples of activities that would, and would not, result in an employee meeting the definition of mortgage loan originator are provided in appendix A to this part.

Source: 12 CFR §1007.102 — Definitions: Mortgage loan originator · source URL · snapshot 37cbabc82c735a19

12 CFR §1007.102 — Definitions: Nationwide Mortgage Licensing System and Registry

Nationwide Mortgage Licensing System and Registry or Registry means the system developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators for the state licensing and registration of state-licensed mortgage loan originators and the registration of mortgage loan originators pursuant to 12 U.S.C. 5107.

Source: 12 CFR §1007.102 — Definitions: Nationwide Mortgage Licensing System and Registry · source URL · snapshot 37cbabc82c735a19

12 CFR §1007.102 — Definitions: Registered mortgage loan originator

Registered mortgage loan originator or registrant means any individual who: (1) Meets the definition of mortgage loan originator and is an employee of a covered financial institution; and (2) Is registered pursuant to this part with, and maintains a unique identifier through, the Registry.

Source: 12 CFR §1007.102 — Definitions: Registered mortgage loan originator · source URL · snapshot 37cbabc82c735a19

12 CFR §1007.102 — Definitions: Residential mortgage loan

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(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, and includes refinancings, reverse mortgages, home equity lines of credit and other first and additional lien loans that meet the qualifications listed in this definition. This definition does not amend or supersede 12 CFR 613.3030(c) with respect to Farm Credit System institutions.

Source: 12 CFR §1007.102 — Definitions: Residential mortgage loan · source URL · snapshot 37cbabc82c735a19

12 CFR §1007.102 — Definitions: Unique identifier

Unique identifier means a number or other identifier that: (1) Permanently identifies a registered mortgage loan originator; (2) Is assigned by protocols established by the Nationwide Mortgage Licensing System and Registry and the Bureau to facilitate: (i) Electronic tracking of mortgage loan originators; and (ii) Uniform identification of, and public access to, the employment history of and the publicly adjudicated disciplinary and enforcement actions against mortgage loan originators; and (3) Must not be used for purposes other than those set forth under the S.A.F.E. Act.

Source: 12 CFR §1007.102 — Definitions: Unique identifier · source URL · snapshot 37cbabc82c735a19

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