Okla. Stat. tit. 59, § 59-2095.2

As used in the Oklahoma Secure and Fair Enforcement for Mortgage

Licensing Act:

1. “Administrator” means the Administrator of Consumer Credit;

2. “Affiliate” means an entity which directly or indirectly,

through one or more intermediaries, controls, is controlled by or is

under common control with the entity specified;

3. “Borrower” means any individual who consults with or retains

a mortgage broker or mortgage loan originator in an effort to obtain

or seek advice or information on obtaining or applying to obtain or

modify a residential mortgage loan for himself, herself, or

individuals including himself or herself, regardless of whether the

individual actually obtains or modifies such a loan;

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4. “Branch office” means any location, other than a mortgage

lender’s or mortgage broker’s principal place of business or a

remote location, where the licensee or its employees or independent

contractors maintain a physical presence for the purpose of

conducting business;

5. “Commission” means the Commission on Consumer Credit;

6. “Compensation” means anything of value or any benefit

including points, commissions, bonuses, referral fees and loan

origination fees;

7. “Depository institution” has the same meaning as in Section

3 of the Federal Deposit Insurance Act and includes any credit

union;

8. “Entity” means a corporation, company, limited liability

company, partnership or association;

9. “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;

10. “Immediate family member” means a spouse, child, sibling,

parent, grandparent or grandchild and includes stepparents,

stepchildren, stepsiblings and adoptive relationships;

11. “Individual” means a natural person and also includes a

sole proprietorship;

12. a. “Loan processor or underwriter” means an entity or

individual who performs support duties as an employee

at the direction of and subject to the supervision and

instruction of an entity or individual licensed or

exempt from licensing as provided in Section 2095.3 of

this title.

b. For purposes of this paragraph, the term “clerical or

support duties” may include subsequent to the receipt

of an application, the receipt collection,

distribution and analysis of information necessary for

the processing or underwriting or modification of a

loan, to the extent that such communication does not

include offering or negotiating or modifying loan

rates or terms, or counseling consumers about

residential mortgage loan rates or terms.

c. An entity or 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 entity or individual can or will

perform any of the activities of a mortgage broker or

mortgage loan originator;

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13. a. “Mortgage broker” means an entity who for compensation

or gain or in the expectation of compensation or gain:

(1) takes a residential mortgage loan application,

(2) offers, negotiates or modifies the terms of a

residential mortgage loan, or

(3) services a residential mortgage.

b. Mortgage broker does not include:

(1) an entity engaged solely as a loan processor or

underwriter except as otherwise provided in

Section 2095.5 of this title,
ation

or gain or in the expectation of compensation or gain:

(1) takes a residential mortgage loan application,

(2) offers, negotiates or modifies the terms of a

residential mortgage loan, or

(3) services a residential mortgage.

b. Mortgage broker does not include:

(1) an entity engaged solely as a loan processor or

underwriter except as otherwise provided in

Section 2095.5 of this title,

(2) an entity that only performs real estate

brokerage activities and is licensed or

registered in accordance with Oklahoma law,

unless the 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

(3) an entity solely involved in extensions of credit

relating to timeshare plans, as that term is

defined in 11 U.S.C., Section 101(53D);

14. “Mortgage lender” means an entity that takes an application

for a residential mortgage loan, makes a residential mortgage loan

or services a residential mortgage loan and is an approved or

authorized:

a. mortgagee with direct endorsement underwriting

authority granted by the United States Department of

Housing and Urban Development,

b. seller or servicer of the Federal National Mortgage

Association or the Federal Home Loan Mortgage

Corporation, or

c. issuer for the Government National Mortgage

Association;

15. a. “Mortgage loan originator” means an individual who for

compensation or gain or in the expectation of

compensation or gain:

(1) takes a residential mortgage loan application, or

(2) offers or negotiates or modifies the terms of a

residential mortgage loan.

b. Mortgage loan originator does not include:

(1) an individual engaged solely as a loan processor

or underwriter except as otherwise provided in

Section 2095.5 of this title,

(2) an individual that only performs real estate

brokerage activities and is licensed or

registered in accordance with Oklahoma law,

unless the individual is compensated by a lender,

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a mortgage broker, or other mortgage loan

originator or by any agent of such lender,

mortgage broker, or other mortgage loan

originator, and

(3) an individual solely involved in extensions of

credit relating to timeshare plans, as that term

is defined in 11 U.S.C., Section 101(53D);

16. “Nationwide Multistate 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 licensed mortgage brokers and mortgage loan originators;

17. “Nontraditional mortgage product” means any mortgage

product other than a thirty-year fixed rate mortgage;

18. “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 an entity 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 this paragraph;

19. “Registered mortgage loan originator” means any individual

who:

a. meets the definition of mortgage loan originator and

is an employee of:

(1) a depository institution,

(2) a subsidiary that:

(a) is owned and controlled by a depository

institution, and
state broker

under any applicable law, and

e. offering to engage in any activity or act in any

capacity described in this paragraph;

19. “Registered mortgage loan originator” means any individual

who:

a. meets the definition of mortgage loan originator and

is an employee of:

(1) a depository institution,

(2) a subsidiary that:

(a) is owned and controlled by a depository

institution, and

(b) is regulated by a federal banking agency, or

(3) an institution regulated by the Farm Credit

Administration, and

b. is registered with, and maintains a unique identifier

through, the Nationwide Multistate Licensing System

and Registry;

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20. “Remote location” means a location, other than the

principal place of business or a branch office, at which the

employees or independent contractors of a licensee may conduct

mortgage business. Licensable activities from a remote location

shall be permitted when conducted under the supervision of the

licensee and when all requirements in Section 22 of this act are

satisfied;

21. “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 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 such a dwelling;

22. “Residential real estate” means any real property located

in this state upon which is constructed or intended to be

constructed a dwelling as defined in paragraph 21 of this section;

23. “Servicing” means the administration of a resident mortgage

loan following the closing of such loan. An entity shall be deemed

to be servicing if it either holds the servicing rights, or engages

in any activities determined to be servicing, including:

a. collection of monthly mortgage payments,

b. the administration of escrow accounts,

c. the processing of borrower inquiries and requests, and

d. default management; and

24. “Unique identifier” means a number or other identifier

assigned by protocols established by the Nationwide Multistate

Licensing System and Registry.