V.I. Code tit. 9, § 383 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 20 - Mortgage Loans|Subchapter II - S.A.F.E. Mortgage Licensing Act|§ 383. Definitions

 As used in this subchapter— (a) The term “depository institution” has the same meaning as in section 3 of the Federal Deposit Insurance Act, and includes any credit union. (b) The term “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. (c) The term “immediate family member” means a spouse, child, sibling, parent, grandparent, or grandchild. This includes stepparents, stepchildren, stepsiblings, and adoptive relationships. (d) The term “individual” means a natural person. (1) The term “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) a State-licensed mortgage loan originator; or (B) a registered loan originator. (2) The term “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. (3) Representations to the Public. 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. (4) The term “mortgage loan originator”— (A) means 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; or (iii) assists a consumer in obtaining or applying to obtain a residential mortgage loan by, among other things, advising on loan terms, including rates, fees, other costs, preparing loan packages, or collecting information on behalf of the consumer with regard to a residential mortgage loan. (B) does not include an individual engaged solely as a loan processor or underwriter except as otherwise provided in this subchapter; (C) does not include a person or entity that only performs real estate brokerage activities and is licensed or registered in accordance with Virgin Islands 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; and (D) does not include a person or entity solely involved in extensions of credit relating to timeshare plans, as that term is defined in section 101(53D) of title 11, United States Code. (5) The term “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 subparagraphs (A), (B), (C), or (D) of this paragraph. (e) The term “Nationwide Mortgage 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 State-licensed loan originators and the registration of registered loan originators or any system established by the Secretary under Public Law 110-289, section 1509. (f) The term “nontraditional mortgage product” means any mortgage product other than a 30-year fixed rate mortgage. (g) The term “registered mortgage loan originator” means any individual who— (1) 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 (2) Is registered with, and maintains a unique identifier through, the Nationwide Mortgage Licensing System and Registry. (h) The term “residential mortgage loan” means any loan primarily for personal, family, or household use which 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 a dwelling, as so defined. (i) The term “residential real estate” means any real property located in the Virgin Islands, upon which is constructed or intended to be constructed a dwelling. (j) The term “Secretary” means the Secretary of Housing and Urban Development. (k) The term “State-licensed mortgage loan originator” means any individual who— (A) is a mortgage loan originator; (B) is not an employee of— (i) a depository institution; (ii) a subsidiary that is— (1) owned and controlled by a depository institutions: and (2) regulated by a federal banking agency: or (iii) an institution regulated by the Farm Credit Administration; and (C) is licensed by a State or by the Secretary under Public Law 110-289, section 1508 and registered as a mortgage loan originator with, and maintains a unique identifier through the Nationwide Mortgage Licensing System and Registry. (l) The term “unique identifier” means a number or other identifier that— (1) permanently identifies a loan originator; (2) is assigned by protocols established by the Nationwide Mortgage Licensing System and Registry and the federal Banking agencies to facilitate electronic tracking of loan originators and uniform identification of, and public access to, the employment history of and publicly adjudicated disciplinary and enforcement actions against loan originators; and (3) shall not be used for purposes other than those set forth under this subchapter.