Idaho Code 26-31-201 – Definitions
Current as of: 2023 | Check for updates
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As used in this part and in rules promulgated pursuant to this chapter and pertinent to this part:
(1) “Agent” means a person who acts with the consent and on behalf of a licensee and is subject to the licensee’s direct or indirect control and may include an independent contractor.
Terms Used In Idaho Code 26-31-201
- Borrower: means the person who has applied for a residential mortgage loan from a licensee, or person required to be licensed, under this chapter, or on whose behalf the activities set forth in section 26-31-201(3), (5) or (7) or 26-31-303(7), Idaho Code, are conducted. See Idaho Code 26-31-102
- Licensee: means a person licensed pursuant to this chapter to engage in the activities regulated by this chapter. See Idaho Code 26-31-102
- Loan modification: means an adjustment or compromise of an existing residential mortgage loan. See Idaho Code 26-31-201
- Loan modification activities: means , for compensation or gain or in the expectation of compensation or gain, engaging in or offering to engage in effecting loan modifications in this state. See Idaho Code 26-31-201
- 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
- Organization: means a person that is not a natural person. See Idaho Code 26-31-102
- Person: means a natural person, corporation, company, limited liability company, partnership or association. See Idaho Code 26-31-102
- Residential mortgage loan: means any loan that is secured by a mortgage, deed of trust, or other equivalent consensual security interest on a dwelling, as defined in section 103(w) of the truth in lending act, located in Idaho, or on residential real estate. See Idaho Code 26-31-102
- Servicing: means collecting payments of principal, interest, or any other payment obligations required pursuant to the terms of a residential mortgage loan. See Idaho Code 26-31-201
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories; and the words "United States" may include the District of Columbia and territories. See Idaho Code 73-114
(2) “Loan modification” means an adjustment or compromise of an existing residential mortgage loan. The term “loan modification” does not include a refinancing transaction.
(3) “Loan modification activities” means, for compensation or gain or in the expectation of compensation or gain, engaging in or offering to engage in effecting loan modifications in this state. The definition of “debt counselor” or “credit counselor” in section 26-2222(9), Idaho Code, shall not apply to loan modification activities.
(4) “Mortgage broker” means any nonexempt organization that performs the activities described in subsection (5) of this section, with respect to a residential mortgage loan.
(5) “Mortgage brokering activities” means, for compensation or gain or in the expectation of compensation or gain, either directly or indirectly, accepting or offering to accept an application for a residential mortgage loan, assisting or offering to assist in the preparation of an application for a residential mortgage loan on behalf of a borrower, negotiating or offering to negotiate the terms or conditions of a residential mortgage loan with any person making residential mortgage loans, or engaging in loan modification activities on behalf of a borrower.
(6) “Mortgage lender” means any nonexempt organization that makes residential mortgage loans to borrowers and performs the activities described in subsection (7) of this section.
(7) “Mortgage lending activities” means, for compensation or gain or in the expectation of compensation or gain, either directly or indirectly, accepting or offering to accept applications for residential mortgage loans, or assisting or offering to assist in the preparation of an application for a residential mortgage loan, or servicing a residential mortgage loan on behalf of any person.
(8) “Servicing” means collecting payments of principal, interest, or any other payment obligations required pursuant to the terms of a residential mortgage loan.