V.I. Code tit. 9, § 361 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 20 - Mortgage Loans|Subchapter I - Mortgage Lenders and Brokers|§ 361. Definitions

 For the purposes of this chapter, the term: (1) “Banking Board” means the Banking Board of the United States Virgin Islands as established by title 3 Virgin Islands Code, section 42. (2) “Borrower” means a person who submits an application for a loan secured by a first or subordinate mortgage or deed of trust on a single to four-family home to be occupied by the borrower as the borrower's primary residence. (3) “Commitment” means a written, specific, binding agreement between a borrower and a lender, which sets forth the terms of the loan being extended to the borrower. (4) “Federally approved seller-servicers” means a mortgage lender that has been approved as a seller-servicer by: (A) The Federal Home Loan Mortgage Corporation; (B) The Federal National Mortgage Association; or (C) The Government National Mortgage Association. (5) “Financing agreement” means a written agreement between a borrower and a lender which sets forth the terms of a purchase money loan or a refinancing of an existing loan that: (A) results in or is secured by a first or subordinate mortgage or deed of trust on a single to four-family home to be occupied by the borrower, and (B) is offered or extended to the borrower. (6) “Interest in real property” includes: (A) A confessed judgment note or consent judgment required or obtained by any person acting as a mortgage lender or mortgage broker for the purpose of acquiring a lien on residential real property; (B) A sale and leaseback required or obtained by any person acting as a mortgage lender or mortgage broker for the purpose of creating a lien on residential real property; (C) A mortgage, deed of trust, or lien other than a judgment lien, on residential real property; and (D) Any other security interest that has the effect of creating a lien on residential real property in the Virgin Islands. (7) “License” means a license issued by the Banking Board under this chapter to authorize a person to engage in business as a mortgage lender or mortgage broker. (8) “Licensee” means a person who is licensed as a mortgage lender or mortgage broker under this chapter. (9) “Loan application” means the submission of a borrower's financial information in anticipation of a credit decision, whether written or computer-generated, relating to a mortgage loan. If the submission does not state or identify a specific property, the submission is an application for a pre-qualification and not an application for a mortgage loan. The subsequent addition of an identified property to the submission converts the submission to an application for a mortgage loan. (10) “Mortgage broker” means any person who, for compensation or gain, or in the expectation of compensation or gain, either directly or indirectly accepts or offers to accept an application for a mortgage loan, solicits or offers to solicit a mortgage loan on behalf of a borrower, or negotiates or offers to negotiate the terms and conditions of a mortgage loan on behalf of a lender. (11) “Mortgage lender” means: (A) Any person who— (i) makes a mortgage loan to any person; or (ii) engages in the business of servicing mortgage loans for others or collecting or otherwise receiving mortgage loan payments directly from borrowers for distribution to any other person. (B) A mortgage lender does not include: (i) a financial institution that accepts deposits and is regulated under this title; (ii) the Federal Home Loan Mortgage Corporation; (iii) the Federal National Mortgage Association; (iv) the Government National Mortgage Association; or (v) any person engaged exclusively in the acquisition of all or any portion of a mortgage loan under any federal, state, or local governmental program of mortgage loan purchases. (12) “Mortgage loan” means any loan or other extension of credit that is secured, in whole or in part, by any interest in residential real property in the United States Virgin Islands. (13) “Nonprofit corporation” means a corporation no part of the income of which is distributable to its members, directors or officers. Nothing in this chapter shall be construed as prohibiting the payment of reasonable compensation for services rendered and the making of distribution upon dissolution of final liquidation. (14) “Person” means an individual, firm, corporation, business trust, estate, trust, partnership, association, two or more persons having a joint or common interest, or any other legal or commercial entity, or group of individuals however organized. (15) “Principal” means any person who, directly or indirectly, owns or controls 10% or more of the outstanding stock of a stock corporation, or 10% or greater interest in a nonstock corporation or a limited liability company. (16) “Residential real property” means any owner-occupied real property located in the Virgin Islands which has a dwelling on it designed principally as a residence with accommodations for not more than four families. This term does not include any real property held primarily for rental, investment, or the generation of income through any commercial or industrial enterprise. (17) “State” means the Territory or any state or territory of the United States. (18) “Territory” means the Virgin Islands.