As used in the Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act: 1. “Administrator” means the Administrator of Consumer Credit; 2. “Affiliate” means an entity which directly or indirectly, through one or more intermediaries, controls, is controlled by or is under common control with the entity specified; 3. “Borrower” means any individual who consults with or retains a mortgage broker or mortgage loan originator in an effort to obtain or seek advice or information on obtaining or applying to obtain or modify a residential mortgage loan for himself, herself, or individuals including himself or herself, regardless of whether the individual actually obtains or modifies such a loan; 4. “Branch office” means any location, other than a mortgage lender’s or mortgage broker’s principal place of business or a remote location, where the licensee or its employees or independent contractors maintain a physical presence for the purpose of conducting business; 5. “Commission” means the Commission on Consumer Credit; 6. “Compensation” means anything of value or any benefit including points, commissions, bonuses, referral fees and loan origination fees; 7. “Depository institution” has the same meaning as in Section 3 of the Federal Deposit Insurance Act and includes any credit union; 8. “Entity” means a corporation, company, limited liability company, partnership or association; 9. “Federal banking agencies” means the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the Director of the Office of Thrift Supervision, the National Credit Union Administration and the Federal Deposit Insurance Corporation; 10. “Immediate family member” means a spouse, child, sibling, parent, grandparent or grandchild and includes stepparents, stepchildren, stepsiblings and adoptive relationships; 11. “Individual” means a natural person and also includes a sole proprietorship; 12. a. “Loan processor or underwriter” means an entity or individual who performs support duties as an employee at the direction of and subject to the supervision and instruction of an entity or individual licensed or exempt from licensing as provided in Section 2095.3 of this title. b. For purposes of this paragraph, the term “clerical or support duties” may include subsequent to the receipt of an application, the receipt collection, distribution and analysis of information necessary for the processing or underwriting or modification of a loan, to the extent that such communication does not include offering or negotiating or modifying loan rates or terms, or counseling consumers about residential mortgage loan rates or terms. c. An entity or 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 entity or individual can or will perform any of the activities of a mortgage broker or mortgage loan originator; 13. a. “Mortgage broker” means an entity who for compensation or gain or in the expectation of compensation or gain: (1) takes a residential mortgage loan application, (2) offers, negotiates or modifies the terms of a residential mortgage loan, or (3) services a residential mortgage. b. Mortgage broker does not include: (1) an entity engaged solely as a loan processor or underwriter except as otherwise provided in Section 2095.5 of this title, (2) an entity that only performs real estate brokerage activities and is licensed or registered in accordance with Oklahoma law, unless the 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, and (3) an entity solely involved in extensions of credit relating to timeshare plans, as that term is defined in 11 U.S.C., Section 101(53D); 14. “Mortgage lender” means an entity that takes an application for a residential mortgage loan, makes a residential mortgage loan or services a residential mortgage loan and is an approved or authorized: a. mortgagee with direct endorsement underwriting authority granted by the United States Department of Housing and Urban Development, b. seller or servicer of the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation, or c. issuer for the Government National Mortgage Association; 15. a. “Mortgage loan originator” means an individual who for compensation or gain or in the expectation of compensation or gain: (1) takes a residential mortgage loan application, or (2) offers or negotiates or modifies the terms of a residential mortgage loan. b. Mortgage loan originator does not include: (1) an individual engaged solely as a loan processor or underwriter except as otherwise provided in Section 2095.5 of this title, (2) an individual that only performs real estate brokerage activities and is licensed or registered in accordance with Oklahoma law, unless the individual 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, and (3) an individual solely involved in extensions of credit relating to timeshare plans, as that term is defined in 11 U.S.C., Section 101(53D); 16. “Nationwide Multistate 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 brokers and mortgage loan originators; 17. “Nontraditional mortgage product” means any mortgage product other than a thirty-year fixed rate mortgage; 18. “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 an entity 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 this paragraph; 19. “Registered mortgage loan originator” means any individual who: a. meets the definition of mortgage loan originator and is an employee of: (1) a depository institution, (2) a subsidiary that: (a) is owned and controlled by a depository institution, and (b) is regulated by a federal banking agency, or (3) an institution regulated by the Farm Credit Administration, and b. is registered with, and maintains a unique identifier through, the Nationwide Multistate Licensing System and Registry; 20. “Remote location” means a location, other than the principal place of business or a branch office, at which the employees or independent contractors of a licensee may conduct mortgage business. Licensable activities from a remote location shall be permitted when conducted under the supervision of the licensee and when all requirements in Section 22 of this act are satisfied; 21. “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 Truth in Lending Act or residential real estate upon which is constructed or intended to be constructed such a dwelling; 22. “Residential real estate” means any real property located in this state upon which is constructed or intended to be constructed a dwelling as defined in paragraph 21 of this section; 23. “Servicing” means the administration of a resident mortgage loan following the closing of such loan. An entity shall be deemed to be servicing if it either holds the servicing rights, or engages in any activities determined to be servicing, including: a. collection of monthly mortgage payments, b. the administration of escrow accounts, c. the processing of borrower inquiries and requests, and d. default management; and 24. “Unique identifier” means a number or other identifier assigned by protocols established by the Nationwide Multistate Licensing System and Registry. Added by Laws 2009, c. 190, § 5, eff. July 1, 2009. Amended by Laws 2013, c. 98, § 1, eff. Nov. 1, 2013; Laws 2024, c. 218, § 1, eff. Nov. 1, 2024.
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