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General Laws of Massachusetts - Chapter 255F Licensing of Mortgage Loan Originators - Section 1 Definitions

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[ Text of section added by 2007, 206, Sec. 15 effective July 1, 2008. See 2007, 206, Sec. 22.]

  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.

Last modified: March 17, 2010