For the purposes of this chapter, the definitions in Iowa Code
chapter 535B shall apply. In addition, unless the context otherwise
requires:
"Criminal background check" means a state
criminal background check and a national criminal history check through the
Federal Bureau of Investigation.
"License application" means an electronic
application or registration submitted to the administrator for a license to
operate as a mortgage banker, mortgage broker, or closing agent in accordance
with the provisions of Iowa Code section
535B.4.
"Licensee" means a person who has a license to
operate as a mortgage banker, mortgage broker, or closing agent in accordance
with the provisions of Iowa Code section
535B.4.
"Makes at least four mortgage loans," as used
in Iowa Code section 535B.l(4)"a," means the person is listed on loan documents
as the lender for at least four mortgage loans.
"Mortgage application" means:
1. Any communication, regardless of form, from a licensee to a
borrower requesting information typically required in an application for the
purpose of deciding whether or not to extend the requested offer of a loan to a
borrower; or
2. Any communication, regardless of form, from a borrower to a
licensee for an offer or responding to a solicitation for an offer of
residential mortgage loan terms or providing information typically required in
an application for the purpose of deciding whether or not to extend the
requested offer of a loan to a borrower.
"Mortgage loan originator" means a natural
person who is licensed under Iowa Code chapter 53 5D and 187-Chapter 19.
"Nationwide multistate licensing system"
or"NMLS" means a multistate 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 mortgage loan originators, mortgage providers, mortgage
lenders, mortgage brokers, and mortgage servicers.
"Services a loan" or "servicing a
loan" means undertaking the direct collection of payments on a loan
from the borrower or holding the right to undertake direct collection of
payments on a loan from the borrower. Undertaking the direct collection of
payments means receiving any scheduled periodic payments from a borrower
pursuant to the terms of any federally related mortgage loan. Holding the right
to undertake direct collection of payments means holding the right to service a
loan, including where the holder of this right contracts with or otherwise
arranges for another person to service the loan.
Notes
Iowa Admin. Code r. 187-18.1
ARC 8238B, IAB 10/21/09,
effective 1/1/10; ARC 9593B, IAB 6/29/11, effective 7/1/11; ARC 9688B, IAB
8/24/11, effective 9/28/11
Amended by
IAB
May 24, 2017/Volume XXXIX, Number 24, effective
7/1/2017
