5 Del. Admin. Code § 2401-1.0 - Definitions
For the purposes of this regulation, the following definitions apply unless the context otherwise requires:
"Commissioner" means the State Bank Commissioner.
"Depository institution" has the same meaning as in § 3 of the United States Federal Deposit Insurance Act, and includes any credit union.
"Dwelling" has the same meaning as in § 103(v) of the United States Truth in Lending Act.
"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.
"Immediate family member" means a spouse, child, sibling, parent, grandparent or grandchild. This includes step-parents, step-children, step-siblings, and adoptive relationships.
"Individual" means a natural person.
"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 Chapters 21 or 22 of Title 5 of the Delaware Code.
"Mortgage loan originator" means an individual who for compensation or gain or in the expectation of compensation or gain:
"Nationwide Mortgage Licensing System and Registry" means the 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.
"Nontraditional mortgage product" means any mortgage product other than a 30 year fixed rate mortgage.
"Person" means a natural person, corporation, company, limited liability company, partnership, association, or other entity.
"Real estate brokerage activity" means any activity that involves offering or providing real estate brokerage services to the public, including:
"Registered mortgage loan originator" means any individual who:
"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 or residential real estate upon which is constructed or intended to be constructed a dwelling.
"Residential real estate" means any real property located in Delaware, upon which is constructed, or intended to be constructed, a dwelling.
"Statute" means the Delaware S.A.F.E. Mortgage Licensing Act of 2009, 5 Del.C. Ch. 24, as amended.
"Unique identifier" means a number or other identifier assigned by protocols established by the Nationwide Mortgage Licensing System and Registry.
Notes
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