(ff) "Loan modification assistance" means, for compensation or with the expectation of receiving valuable consideration, to: (i) act, or offer to act, on behalf of a person to: (A) obtain a loan term of a residential mortgage loan that is different from an existing loan term including: (I) an increase or decrease in an interest rate; (II) a change to the type of interest rate; (III) an increase or decrease in the principal amount of the residential mortgage loan; (IV) a change in the number of required period payments; (V) an addition of collateral; (VI) a change to, or addition of, a prepayment penalty; (VII) an addition of a cosigner; or (VIII) a change in persons obligated under the existing residential mortgage loan; or (B) substitute a new residential mortgage loan for an existing residential mortgage loan; or (ii) as an employee or agent of another person: (A) solicit, or offer that the other person will engage in an act described in Subsection (1)(ff)(i); or (B) negotiate terms in relationship to an act described in Subsection (1)(ff)(i). (gg) (i) "Mortgage loan originator" means an individual who, for compensation or in expectation of compensation: (A) (I) takes a residential mortgage loan application; (II) offers or negotiates terms of a residential mortgage loan for the purpose of: (Aa) a purchase; (Bb) a refinance; (Cc) a loan modification assistance; or (Dd) a foreclosure rescue; or (III) directly or indirectly solicits a residential mortgage loan for another person; and (B) is licensed as a mortgage loan originator in accordance with this chapter. (ii) "Mortgage loan originator" does not include a person who: (A) is described in Subsection (1)(gg)(i), but who performs exclusively administrative or clerical tasks as described in Subsection (1)(i)(ii)(A); (B) (I) is licensed under Chapter 2f, Real Estate Licensing and Practices Act; (II) performs only real estate brokerage activities; and (III) receives no compensation from: (Aa) a lender; (Bb) a lending manager; or (Cc) an agent of a lender or lending manager; or (C) is solely involved in extension of credit relating to a timeshare plan, as defined in 11 U.S.C. Sec. 101(53D). (hh) "Nationwide database" means the Nationwide Mortgage Licensing System and Registry, authorized under federal licensing requirements. (ii) "Nontraditional mortgage product" means a mortgage product other than a 30-year fixed rate mortgage. (jj) "Person" means an individual or entity. (kk) "Prelicensing education" means education taken by an individual seeking to be licensed under this chapter in order to meet the education requirements imposed by Section
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