2009 Massachusetts Code
PART III COURTS, JUDICIAL OFFICERS AND PROCEEDINGS IN CIVIL CASES
TITLE IV CERTAIN WRITS AND PROCEEDINGS IN SPECIAL CASES
CHAPTER 255F LICENSING OF MORTGAGE LOAN ORIGINATORS
Section 1 Definitions

[ Text of section effective until July 31, 2009. For text effective July 31, 2009, see below.]

  Section 1. As used in this chapter, the following words shall, unless the context otherwise requires, have the following meanings:--

  "Commissioner'', the commissioner of banks.

  "Division'', the division of banks.

  "Entity'', a person or entity that is a licensee under chapter 255E, as regulated by the division.

  "Mortgage loan originator'', a natural person who:-- (a) is employed by or associated with 1 and not more than 1 entity; and (b) negotiates, solicits, arranges, provides or accepts residential mortgage loan applications, or assists consumers in completing such applications, except that employees whose responsibilities are limited to clerical and administrative tasks and who do not solicit borrowers, accept applications or negotiate the terms of residential mortgage loans on behalf of the employer shall not be considered mortgage loan originators and do not require licenses.

  "Mortgage loan'', a loan or an extension of credit including, but not limited to, an extension of credit pursuant to a contract or an assigned contract for the sale of goods or services, made to a natural person, the proceeds of which are to be used primarily for personal, family or household purposes, and which is secured wholly or partially by a mortgage on residential property.

  "Residential property'', real property located in the commonwealth having thereon a dwelling house with accommodations for 4 or less separate households and occupied, or to be occupied, in whole or in part by the obligor on the mortgage debt.

Chapter 255F: Section 1. Definitions

[ Text of section as recodified by 2009, 44, Sec. 1 effective July 31, 2009. See 2009, 44, Sec. 4. For text effective until July 31, 2009, see above.]

  Section 1. As used in this chapter the following words shall, unless the context otherwise requires, have the following meanings:--

  "Clerical or support duties'', may include subsequent to the receipt of an application: (i) the receipt, collection, distribution, and analysis of information common for the processing or underwriting of a residential mortgage loan; and (ii) 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'', the commissioner of the division of banks.

  "Depository institution'', shall have the same meaning as in section 3 of the Federal Deposit Insurance Act, and shall include credit unions.

  "Division'', the division of banks.

  "Entity'', a person or entity that is a licensee under chapter 255E.

  "Federal banking agencies'', the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the Director of the Office of Thrift Supervision, the National Credit Union Administration, and the Federal Deposit Insurance Corporation.

  "Immediate family member'', a spouse, child, step child, adopted child, sibling, step sibling, adopted sibling, parent, step parent, adopted parent, grandparent, or grandchild.

  "Individual'', a natural person.

  "Loan processor or underwriter'', 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 this chapter; provided, however, that said person shall not represent 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'', a person who for compensation or gain or in the expectation of compensation or gain: (i) takes a residential mortgage loan application; or (ii) offers or negotiates terms of a residential mortgage loan.

  "Nationwide mortgage licensing system and registry'', 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 licensed mortgage loan originators.

  "Nontraditional mortgage product'', any mortgage product other than a 30-year fixed rate mortgage.

  "Person'', a natural person, corporation, company, limited liability company, partnership, or association.

  "Real estate brokerage activity'', any activity involving offering or providing real estate brokerage services to the public, including without limitation: (i) acting as a real estate agent or real estate broker for a buyer, seller, lessor, or lessee of real property; (ii) facilitating the sale, purchase, lease, rental, or exchange of real property; (iii) 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; (iv) engaging in any activity for which a registration or license as a real estate agent or real estate broker is required; and (v) offering to engage in any activity, or act in any capacity, described in clauses (i) to (iv), inclusive.

  "Registered mortgage loan originator'', any individual who: (a) meets the definition of mortgage loan originator and is an employee of: (i) a depository institution; (ii) a subsidiary that is (A) owned and controlled by a depository institution; and (B) regulated by a federal banking agency; or (iii) an institution regulated by the Farm Credit Administration; and (b) is registered with, and maintains a unique identifier through, the Nationwide Mortgage Licensing System and Registry.

  "Residential mortgage loan'', 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. section 1602(v) or residential real estate upon which is constructed or intended to be constructed a dwelling as so defined.

  "Residential real estate'', any real property located in the commonwealth upon which is constructed or intended to be constructed a dwelling.

  "Unique identifier'', a number or other identifier assigned by protocols established by the Nationwide Mortgage Licensing System and Registry.