Delaware Code Title 5 Sec. 2101 – Definitions
In this chapter, unless the context otherwise requires:
(1) “Borrower” means a person obtaining or desiring to obtain a mortgage loan.
(2) “Commissioner” means the State Bank Commissioner.
(3) “Licensee,” “licensed mortgage loan broker,” or “person licensed” means any person duly licensed or regulated by the Commissioner pursuant to this chapter.
(4) “Mortgage loan” means an extension of credit secured by a first or secondary mortgage on any 1-to-4 family residential owner-occupied property intended for personal, family or household purposes, which is:
a. Negotiated, offered or otherwise transacted within this State, in whole or in part;
b. Made or extended within this State; or
c. Secured by real property located in this State.
(5) “Mortgage loan broker” means a person who (i) in the ordinary course of business, for compensation or gain, or in the expectation of compensation or gain, either directly or indirectly, negotiates or offers to negotiate, or arranges or solicits, or offers to arrange or solicit, a mortgage loan on behalf of a borrower, or (ii) holds himself out as being able to serve as an agent for any person in an attempt to obtain a mortgage loan; or (iii) holds himself or herself out as being able to serve as an agent or independent contractor to negotiate the terms or conditions of a mortgage loan on behalf of a lender (but who is not a person employed as an employee or agent of the lender).
(6) “Person” means an individual, corporation, partnership or any other group of individuals however organized.
Terms Used In Delaware Code Title 5 Sec. 2101
- Borrower: means a person obtaining or desiring to obtain a mortgage loan. See Delaware Code Title 5 Sec. 2101
- Commissioner: means the State Bank Commissioner. See Delaware Code Title 5 Sec. 2101
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Mortgage loan: means an extension of credit secured by a first or secondary mortgage on any 1-to-4 family residential owner-occupied property intended for personal, family or household purposes, which is:
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: means an individual, corporation, partnership or any other group of individuals however organized. See Delaware Code Title 5 Sec. 2101
- State: means the State of Delaware; and when applied to different parts of the United States, it includes the District of Columbia and the several territories and possessions of the United States. See Delaware Code Title 1 Sec. 302