3 AAC 14.990 - Definitions
(a) In this chapter, unless the context
requires otherwise,
(1) "branch manager"
means an individual who is in charge of and responsible for the business
operations of a branch office of a mortgage licensee;
(2) "business entity"
(A) means a form of business ownership other
than a natural person; and
(B)
includes a corporation, limited liability company, partnership, limited
partnership, limited liability partnership, and trust;
(3) "Form MU1" means the uniform mortgage
lender and mortgage broker license application developed and used by the
registry;
(4) "Form MU2" means the
uniform mortgage biographical statement and consent form developed and used by
the registry;
(5) "Form MU3" means
the uniform mortgage branch office form developed and used by the
registry;
(6) "Form MU4" means the
uniform individual mortgage license, registration, and consent form developed
and used by the registry;
(7)
"other trade name" means a name other than the legal name of a business
entity;
(8) repealed
2/6/2020.
(9) "registered agent"
means a person located in this state and appointed to accept service of
process.
(10) "mortgage loan
originator's home" means the current residential address as listed on the
mortgage loan originator's Form MU4.
(b) In AS 06.60 and this chapter, unless the
context requires otherwise,
(1) "advertising"
means making or permitting to be made any oral, written, graphic, or pictorial
statements, in any manner, whether in print, aurally, or by electronic means,
in the course of the solicitation of business;
(2) "branch office" means a location separate
from main address on the Form MU1 where one or more persons are authorized to
act on behalf of a mortgage licensee to perform activities for which a license
is required under AS 06.60;
(3)
"change in control" means a change in the identity of a person holding a
control interest in the mortgage licensee;
(4) "closing" means the process of executing
legally binding documents regarding a lien on real property that is subject to
a mortgage loan;
(5) "loan
application" means the Uniform Residential Loan Application, Fannie Mae Form
1003, Freddie Mac Form 65, any successor form, or any other similar form or
document, whether standardized or unique, used to collect mortgage loan
qualification information;
(6)
"principal place of business" means the location of the main address listed on
the Form MU1.
(7) "report of
condition" means a quarterly mortgage call report as required by the
registry.
(8) "registry" means the
Nationwide Multistate Licensing System and Registry (NMLS), previously known as
the Nationwide Mortgage Licensing System and Registry, a licensing system owned
and operated by the State Regulatory Registry, LLC, for the licensing and
registration of persons in the mortgage and other financial services
industries. 3 AAC 14.990 is amended by adding a new subsection to
read:
(c) In
AS
06.60.015(b)(4)(F)(i), "the
loan does not have a payment schedule that results in negative amortization"
means
(1) the loan is fiilly amortized and
each payment includes principal and interest to fulfill the loan obligation
without a balloon payment;
(2)
during the term of the loan the outstanding principal balance
decreases;
(3) the loan has equal
monthly payments during the term of the loan except for the last payment;
and
(4) the last payment of the
loan is equal to or less than the monthly
payment.
Notes
Authority: AS 06.60.010
AS 06.60.015
AS 06.60.016
AS 06.60.910
AS 06.60.990
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