Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 81 - MORTGAGE BANKERS AND RESIDENTIAL MORTGAGE LOAN ORIGINATORS › Subchapter A - GENERAL PROVISIONS › Section 81.2 - Definitions

Current through Reg. 49, No. 28; July 12, 2024
As used in this chapter, and in the Commissioner's
					 administration and enforcement of Finance Code, Chapter 157 and Chapter 180,
					 the following terms have the meanings indicated:
(1) "Application," as used in Tex. Fin. Code
				  §§157.002(6) and 180.002(19), and paragraph (16) of this section
				  means a request, in any form, for an offer (or a response to a solicitation for
				  an offer) of residential mortgage loan terms, and the information about the
				  mortgage applicant that is customary or necessary in a decision on whether to
				  make such an offer, including, but not limited to, a mortgage applicant's name,
				  income, social security number to obtain a credit report, property address, an
				  estimate of the value of the real estate, and/or the mortgage loan
				  amount.
(2) "Commissioner" means
				  the Savings and Mortgage Lending Commissioner appointed under Finance Code,
				  Chapter 13.
(3) "Commissioner's
				  designee" means an employee of the Department performing his or her assigned
				  duties or such other person as the Commissioner may designate in writing. A
				  Commissioner's designee is deemed to be the Commissioner's authorized
				  "personnel or representative" as such term is used in Finance Code, Chapter
				  157.
(4) "Compensation" includes
				  salaries, bonuses, commissions, and any financial or similar
				  incentive.
(5) "Department" means
				  the Department of Savings and Mortgage Lending.
(6) "Dwelling" means a residential structure
				  that contains one to four units and is attached to residential real estate. The
				  term includes an individual condominium unit, cooperative unit, or manufactured
				  home, if it is used as a residence.
(7) "Mortgage applicant" means an applicant
				  for a residential mortgage loan or a person who is solicited (or contacts a
				  mortgage banker or originator in response to a solicitation) to obtain a
				  residential mortgage loan, and includes a person who has not completed or
				  started completing a formal loan application on the appropriate form (e.g.,
				  Fannie Mae's Form 1003 Uniform Residential Loan Application), but has submitted
				  financial information constituting an application, as provided by paragraph (1)
				  of this section.
(8) "Mortgage
				  banker" has the meaning assigned by Tex. Fin. Code §157.002.
(9) "Mortgage company" means, for the
				  purposes of this chapter, a "residential mortgage loan company" as that term is
				  defined by Tex. Fin. Code §157.002.
(10) "Nationwide Mortgage Licensing System
				  and Registry" or "NMLS" has the meaning assigned by Tex. Fin. Code
				  §157.002 and §180.002.
(11) "Offers or negotiates the terms of a
				  residential mortgage loan," as used in Tex. Fin. Code §157.002(6) and
				  §180.002(19) means, among other things, when an individual:
(A) arranges or assists a mortgage applicant
				  or prospective mortgage applicant in obtaining or applying to obtain, or
				  otherwise secures an extension of consumer credit for another person, in
				  connection with obtaining or applying to obtain a residential mortgage
				  loan;
(B) presents for
				  consideration by a mortgage applicant or prospective mortgage applicant
				  particular residential mortgage loan terms (including rates, fees and other
				  costs); or
(C) communicates
				  directly or indirectly with a mortgage applicant or prospective mortgage
				  applicant for the purpose of reaching a mutual understanding about particular
				  residential mortgage loan terms.