As used in this chapter, unless the context otherwise requires:
1.“Clerical or support duties” means, subsequent to the receipt of a residential mortgage
loan application, the receipt, collection, distribution, and analysis of information common
for the processing or underwriting of a residential mortgage loan; and communicating 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.
2.“Depository institution” means a depository institution as defined in 12 U.S.C. §1813(c)
and a credit union organized under the laws of this state, another state, or the Unit Free access — add to your briefcase to read the full text and ask questions with AI
As used in this chapter, unless the context otherwise requires:
1. “Clerical or support duties” means, subsequent to the receipt of a residential mortgage
loan application, the receipt, collection, distribution, and analysis of information common
for the processing or underwriting of a residential mortgage loan; and communicating 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.
2. “Depository institution” means a depository institution as defined in 12 U.S.C. §1813(c)
and a credit union organized under the laws of this state, another state, or the United States.
3. “Federalbankingagencies”meanstheboardofgovernorsofthefederalreservesystem,
§535D.3, MORTGAGE LICENSING ACT 2
the comptroller of the currency, the director of the office of thrift supervision, the national
credit union administration, and the federal deposit insurance corporation.
4. “Immediate family member” means a spouse, child, sibling, parent, grandparent, or
grandchild. This includes stepparents, stepchildren, stepsiblings, and adoptive relationships.
5. “Individual” means a natural person.
6. “Loan processor or underwriter” means 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 chapter 535B, 536, 536A, or this chapter.
7. “Loss mitigation efforts” means, when a residential mortgage loan borrower is in
default or default is reasonably foreseeable, working with the borrower on behalf of
the residential mortgage loan servicer to modify, either temporarily or permanently, the
obligation or otherwise mitigate loss on an existing residential mortgage loan.
8. “Mortgage loan originator” means an individual who for compensation or gain or in the
expectationofcompensationorgaintakesaresidentialmortgageloanapplicationoroffersor
negotiates terms of a residential mortgage loan. “Mortgage loan originator” does not include
any of the following:
a. An individual engaged solely as a loan processor or underwriter except as otherwise
provided in section 535D.4, subsection 2.
b. An individual who only performs real estate brokerage activities and is licensed in
accordance with state law, unless the individual is compensated by a lender, a mortgage
broker, or mortgage loan originator or by any agent of such lender, mortgage broker, or
mortgage loan originator.
c. An individual solely involved in extensions of credit relating to timeshare plans, as that
term is defined in 11 U.S.C. §101(53D).
d. An individual employed by a residential mortgage loan servicer if the individual is
involved solely in loss mitigation efforts.
9. “Nationwide mortgage licensing system and registry” 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
licensed mortgage loan originators.
10. “Nontraditional mortgage product” means any mortgage product other than a
thirty-year fixed rate mortgage.
11. “Real estate brokerage activity” means any activity that involves offering or providing
real estate brokerage services to the public, including the following:
a. Acting as a real estate agent or real estate broker for a buyer, seller, lessor, or lessee of
real property.
b. Bringing together parties interested in the sale, purchase, lease, rental, or exchange of
real property.
c. Negotiating, on behalf of any party, 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.
d. Engaging in any activity for which a person engaged in the activity is required to be
registered or licensed as a real estate agent or real estate broker under any applicable law.
e. Offering to engage in any activity, or act in any capacity, described in paragraphs “a”
through “d”.
12. “Registered mortgage loan originator” means a mortgage loan originator who is an
employeeofadepositoryinstitution,asubsidiarythatisownedandcontrolledbyadepository
institution and regulated by a federal banking agency, or an institution regulated by the farm
credit administration; and is registered with and maintains a unique identifier through the
nationwide mortgage licensing system and registry.
13. “Residential mortgage loan” 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 as defined in section 103(v) of the federal Truth in Lending
Act or on residential real estate.
14. “Residential real estate” means any real property located in this state, upon which
3 MORTGAGE LICENSING ACT, §535D.5
is constructed or intended to be constructed a dwelling as defined in section 103(v) of the
federal Truth in Lending Act.
15. “Superintendent” means the superintendent of banking appointed pursuant to section
524.201.
16. “Unique identifier” means a number or other identifier assigned by protocols
established by the nationwide mortgage licensing system and registry.