                                 CODE OF VIRGINIA

DEFINITIONS (§ 6.2-1700)

As used in this chapter:
		&#8220;Act&#8221; 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.
		&#8220;Administrative or clerical tasks&#8221; 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.
		&#8220;Covered financial institution&#8221; has the same meaning as that term
is defined in 12 C.F.R. § 1007.102.
		&#8220;Dwelling&#8221; means a residential structure or mobile home that
contains one to four family housing units, or individual units of condominiums
or cooperatives.
		&#8220;Employee&#8221; 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.
		&#8220;Immediate family member&#8221; means a spouse, child, sibling, parent,
grandparent, or grandchild. This includes stepparents, stepchildren,
stepsiblings, and adoptive relationships.
		&#8220;Licensee&#8221; means an individual licensed under this chapter.
		&#8220;Loan processor or underwriter&#8221; 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.
		&#8220;Mortgage loan originator&#8221; 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).
		&#8220;Nationwide Multistate Licensing System and Registry&#8221; or
&#8220;Registry&#8221; 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.
		&#8220;Nontraditional mortgage product&#8221; means any mortgage product other
than a 30-year fixed rate mortgage.
		&#8220;Real estate brokerage activities&#8221; 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).
		&#8220;Registered mortgage loan originator&#8221; 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.
		&#8220;Residential mortgage loan&#8221; 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.
		&#8220;Unique identifier&#8221; means a number or other identifier assigned by
protocols established by the Registry that permanently identifies a mortgage
loan originator.

HISTORY: 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.