Revision Note
Sections 454F-1 to 454F-26 designated as Part I pursuant to §23G-15.
§454F-25 Nonprofit organizations; mortgage loan originators. (a) An employee who performs mortgage loan originator activities for a nonprofit organization is exempt from registration and licensure as a mortgage loan originator; provided that:
(1) The employee's actions are part of the employee's duties as an employee of the nonprofit organization;
(2) The employee only provides mortgage loan originator services with respect to residential mortgage loans with terms favorable to the borrower; and
(3) The nonprofit organization registers with NMLS.
(b) The commissioner shall periodically examine the books and activities of nonprofit organizations as defined in section 454F-1 and shall revoke an organization's registration as a nonprofit organization with NMLS if the nonprofit organization fails to meet the requirements to be a nonprofit organization.
(c) In determining whether a residential mortgage loan has terms favorable to the borrower, the commissioner shall examine:
(1) The interest rate that the home loan would carry;
(2) The charges that are imposed on the borrower for origination, application, closing, and other costs;
(3) Whether the mortgage includes any predatory characteristics;
(4) The borrower's ability to repay the loan; and
(5) The term of the mortgage. [L 2012, c 252, pt of §1; am L 2014, c 9, §7 and c 198, §11]
Section: Previous 454f-18 454f-19 454f-20 454f-21 454f-22 454f-23 454f-24 454f-25 454f-26 454f-41 454f-42 454f-43 454f-44 454f-45 454f-46 NextLast modified: October 27, 2016