§ 19-14.10-3. Definitions.
For purposes of this chapter, the following definitions shall apply:
(1) "Depository institution� has the same meaning as in section 3 of the Federal Deposit
Insurance Act, and includes any credit union.
(2) "Federal banking agencies� means the Board of Governors of the Federal Reserve System,
the Comptroller of the Currency, the National Credit Union Administration, and the
Federal Deposit Insurance Corporation.
(3) "Immediate family member� means a spouse, child, sibling, parent, grandparent, or
grandchild. This includes stepparents, stepchildren, stepsiblings, and adoptive relationships.
(4) "Individual� means a natural person.
(5)(i) "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 as a lender or as a loan broker, or exempt from licensing under
chapter 14 or 14.1 of this title.
(ii) For purposes of subsection (5)(i), "clerical or support duties� may include subsequent
to the receipt of an application:
(A) The receipt, collection, distribution, and analysis of information common for the
processing or underwriting of a residential mortgage loan; and
(B) 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.
(iii) An individual engaging solely in loan processor or underwriter activities shall not
represent to the public, through advertising or other means of communicating or providing
information including the use of business cards, stationery, brochures, signs, rate
lists, or other promotional items, that such individual can or will perform any of
the activities of a mortgage loan originator.
(6)(i) "Mortgage loan originator� means:
(A) An individual 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;
(B) Does not include an individual engaged solely as a loan processor or underwriter except
as otherwise provided in § 19-14.10-4(c);
(C) Does not include a person or entity who or that only performs real estate brokerage
activities and is licensed or registered in accordance with Rhode Island law, unless
the person or entity is compensated by a lender, a mortgage broker, or other mortgage
loan originator or by any agent of such lender, mortgage broker, or other mortgage
loan originator;
(D) Does not include a person or entity solely involved in extensions of credit relating
to timeshare plans, as that term is defined in 11 U.S.C. § 101(53D), as amended; and
(E) Does not include a person (or its employees) engaged in servicing mortgage loans.
For purposes of this exclusion, "servicing mortgage loans� means, on behalf of the
note holder, collecting and receiving payments, including payments of principal, interest,
escrow amounts, and other sums due, on obligations due and owing to the note holder
pursuant to a residential mortgage loan, and, when the borrower is in default or in
reasonably foreseeable likelihood of default, working with the borrower on behalf
of the note holder and pursuant to the contract between the person servicing mortgage
loans and the note holder, to modify but not refinance, either temporarily or permanently,
the obligations, or otherwise finalizing collection of the obligation through the
foreclosure process.
(ii) "Real estate brokerage activity� means any activity that involves offering or providing
real estate brokerage services to the public, including:
(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; and
(E) Offering to engage in any activity, or act in any capacity, described in subsection
(6)(ii)(A), (B), (C), or (D) of this section.
(7) "Nationwide Multistate Licensing System� 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.
(8) "Nontraditional mortgage product� means any mortgage product other than a thirty-year
(30), fixed-rate mortgage.
(9) "Person� means a natural person, corporation, company, limited liability company,
partnership, association, or any other entity however organized.
(10) "Registered mortgage loan originator� means any individual who:
(i) Meets the definition of mortgage loan originator and is an employee of:
(A) A depository institution;
(B) A subsidiary that is:
(I) Owned and controlled by a depository institution; and
(II) Regulated by a Federal banking agency; or
(C) An institution regulated by the Farm Credit Administration; and
(ii) Is registered with, and maintains a unique identifier through, the Nationwide Multistate
Licensing System.
(11) "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 § 103(v) of the Truth in Lending Act)
or residential real estate upon which is constructed or intended to be constructed
a dwelling (as so defined).
(12) "Residential real estate� means any real property located in Rhode Island upon which
is constructed, or intended to be constructed, a dwelling.
(13) "SAFE Act� means the Secure and Fair Enforcement for Mortgage Licensing Act, comprising
§§ 1501-1517 of the Housing and Economic Recovery Act of 2008, Pub. L. No. 110-289.
(14) "Unique identifier� means a number or other identifier assigned by protocols established
by the Nationwide Multistate Licensing System.