§ 590. Licensing. 1. Definitions. (a) "Mortgage loan" shall mean a\nloan to a natural person made primarily for personal, family or\nhousehold use, secured by either a mortgage or deed of trust on\nresidential real property, any certificate of stock or other evidence of\nownership in, and proprietary lease from, a corporation or partnership\nformed for the purpose of cooperative ownership of residential real\nproperty or, if determined by the superintendent by regulation, shall\ninclude such a loan secured by a security interest on a manufactured\nhome;\n (b) "Residential real property" shall mean real property located in\nthis state improved by a one-to-four family dwelling used or occupied,\nor intended to be used or occupied, wholly or partly, as the home or\nresidence of one or more persons, but shall not refer to unimproved real\nproperty upon which such dwellings are to be constructed;\n (c) "Making a mortgage loan" shall mean for compensation or gain,\neither directly or indirectly, advancing funds, offering to advance\nfunds, or making a commitment to advance funds to an applicant for a\nmortgage loan or a mortgagor as a mortgage loan;\n (d) "Soliciting, processing, placing or negotiating a mortgage loan"\nshall mean for compensation or gain, either directly or indirectly,\naccepting or offering to accept an application for a mortgage loan,\nassisting or offering to assist in the processing of an application for\na mortgage loan, soliciting or offering to solicit a mortgage loan on\nbehalf of a third party or negotiating or offering to negotiate the\nterms or conditions of a mortgage loan with a lender on behalf of a\nthird party;\n (e) "Exempt organization" shall mean any insurance company, banking\norganization, foreign banking corporation licensed by the superintendent\nor the comptroller of the currency to transact business in this state,\nnational bank, federal savings bank, federal savings and loan\nassociation, federal credit union, or any bank, trust company, savings\nbank, savings and loan association, or credit union organized under the\nlaws of any other state, or any instrumentality created by the United\nStates or any state with the power to make mortgage loans. Subject to\nsuch regulations as may be promulgated by the superintendent, "exempt\norganization" may also include any subsidiary of such entities;\n (f) "Licensee" or "mortgage banker" shall mean a person or entity who\nor which is licensed pursuant to section five hundred ninety-one of this\nchapter to engage in the business of making mortgage loans in this\nstate;\n (g) "Registrant" or "mortgage broker" shall mean a person or entity\nregistered pursuant to section five hundred ninety-one-a of this chapter\nto engage in the business of soliciting, processing, placing or\nnegotiating mortgage loans for others, or offering to solicit, process,\nplace or negotiate mortgage loans for others;\n (h) "Mortgage loan servicer" or "servicer" shall mean a person or\nentity registered pursuant to subdivision two of this section to engage\nin the business of servicing mortgage loans for property located in this\nstate;\n (i) "Servicing mortgage loans" shall mean receiving any scheduled\nperiodic payments from a borrower pursuant to the terms of any mortgage\nloan, including amounts for escrow accounts under section six-k of this\nchapter, title three-A of article nine of the real property tax law or\nsection ten of 12 U.S.C. 2609, and making the payments to the owner of\nthe loan or other third parties of principal and interest and such other\npayments with respect to the amounts received from the borrower as may\nbe required pursuant to the terms of the mortgage service loan documents\nor servicing contract. In the case of a home equity conversion mortgage\nor reverse mortgage as referenced in section six-h of this chapter,\nsections two hundred eighty and two hundred eighty-a of the real\nproperty law or 24 CFR 3500.2, servicing includes making payme
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