§ 11-601. Definitions
West's Annotated Code of MarylandFinancial InstitutionsEffective: October 1, 2020
Effective: October 1, 2020
MD Code, Financial Institutions, § 11-601
§ 11-601. Definitions
(c) “Clerical or support duties” includes the following activities relating to the processing or underwriting of a mortgage loan when performed subsequent to the receipt of a loan application:
(d)(1) “Depository institution” has the meaning stated in the Federal Deposit Insurance Act, 12 U.S.C. § 1813(c).
(e) “Federal banking agencies” means 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.
(g) “Immediate family member” means a spouse, child, sibling, parent, grandparent, grandchild, stepparent, stepchild, and stepsibling.
(h) “Independent contractor” means a person whose compensation is paid without a deduction for federal or State income tax.
(j) “Individual loan servicer” means an individual who on behalf of a note holder or mortgage loan servicer:
(1) Collects or receives payments, including payments of principal, interest, escrow amounts, and other amounts due on existing mortgage loan obligations owed to the note holder or mortgage loan servicer, at a time when the borrower is in default, or in reasonably foreseeable likelihood of default; and
(2) Working with the borrower and the note holder or mortgage loan servicer, collects data and makes decisions to modify, either temporarily or permanently, the terms of the mortgage loan obligations described in item (1) of this subsection or to proceed with collection efforts through foreclosure or other processes.
(n) “Mortgage lender” means a person that is licensed as a mortgage lender under Subtitle 5 of this title.
(o) “Mortgage lending business” has the meaning stated in § 11-501 of this title.
(q)(1) “Mortgage loan originator” means an individual who for compensation or gain, or in the expectation of compensation or gain:
(ii) Performs only real estate brokerage activities and is licensed in accordance with Title 17 of the Business Occupations and Professions Article, unless the individual is compensated by a mortgage lender, mortgage broker, or other mortgage loan originator or by any agent of a mortgage lender, mortgage broker, or other mortgage loan originator;
(iv) is a retailer of mobile homes or an employee of the retailer if the retailer or employee, as applicable, does not receive, directly or indirectly, compensation or gain for engaging in activities described in paragraph (1) of this subsection that is in excess of compensation or gain received in a comparable cash transaction.
(r)(1) “Mortgage loan processor or underwriter” means an individual who performs clerical or support duties as an employee of, at the direction of, and subject to the supervision and instruction of a person licensed, or exempt from licensing, under Title 5 of this article.
(s) “Nontraditional mortgage product” means any mortgage product other than a 30-year fixed rate mortgage loan.
(u) “Real estate brokerage activity” means any activity for which a license is required under Title 17 of the Business Occupations and Professions Article.
(v) “Registered mortgage loan originator” means any individual who:
(w) “Residential real estate” has the meaning stated in § 11-501 of this title.
Added by Acts 2005, c. 590, § 1, eff. Oct. 1, 2005. Amended by Acts 2005, c. 25, § 12, eff. April 12, 2005; Acts 2009, c. 4, § 1, eff. July 1, 2009; Acts 2010, c. 72, § 1, eff. April 13, 2010; Acts 2014, c. 579, § 1, eff. Oct. 1, 2014; Acts 2016, c. 341, § 1, eff. July 1, 2016; Acts 2016, c. 478, § 1, eff. July 1, 2016; Acts 2017, c. 253, § 1, eff. July 1, 2017; Acts 2020, c. 48, § 1, eff. Oct. 1, 2020; Acts 2020, c. 49, § 1, eff. Oct. 1, 2020; Acts 2020, c. 628, § 1, eff. May 8, 2020.
MD Code, Financial Institutions, § 11-601, MD FIN INST § 11-601
Current through all legislation from the 2020 Regular Session of the General Assembly.
|End of Document||© 2021 Thomson Reuters. No claim to original U.S. Government Works.|