Terms Used In Montana Code 32-9-122

• Branch office: means a location at which a licensee conducts business other than a licensee's principal place of business. See Montana Code 32-9-103
• Contract: A legal written agreement that becomes binding when signed.
• Control: means the power, directly or indirectly, to direct the management or policies of an entity, whether through ownership of securities, by contract, or otherwise. See Montana Code 32-9-103
• Designated manager: means a mortgage loan originator with at least 3 years of experience as a mortgage loan originator or registered mortgage loan originator who is designated by an entity as the individual responsible for the operation of a particular location that is under the designated manager's full management, supervision, and control. See Montana Code 32-9-103
• Entity: means a business organization, including a sole proprietorship. See Montana Code 32-9-103
• Individual: means a natural person. See Montana Code 32-9-103
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage: means a consensual interest in real property located in Montana, including improvements, securing a debt evidenced by a mortgage, trust indenture, deed of trust, or other lien on real property. See Montana Code 32-9-103
• Mortgage broker: means an entity that obtains, attempts to obtain, or assists in obtaining a mortgage loan for a borrower from a mortgage lender in return for consideration or in anticipation of consideration or holds itself out as being able to assist a person in obtaining a mortgage loan. See Montana Code 32-9-103
• Mortgage lender: means an entity that closes a residential mortgage loan, advances funds, offers to advance funds, commits to advancing funds for a mortgage loan applicant, or holds itself out as being able to perform any of those functions. See Montana Code 32-9-103
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Mortgage loan originator: means an individual who for compensation or gain or in the expectation of compensation or gain:

  (i)takes a residential mortgage loan application; or

  (ii)offers or negotiates terms of a residential mortgage loan. See Montana Code 32-9-103

• Mortgage servicer: means an entity that:

  (a)for forward mortgages:

  (i)engages, for compensation or gain from another or on its own behalf, in the business of receiving any scheduled periodic payment from a borrower pursuant to the terms of a residential mortgage loan, residential mortgage servicing documents, or a residential mortgage servicing contract;

  (ii)meets the definition of servicer in 12 U. See Montana Code 32-9-103

• NMLS: means a licensing system developed and maintained by the conference of state bank supervisors and the American association of residential mortgage regulators for the registration and licensing of persons providing nondepository financial services. See Montana Code 32-9-103
• Registered mortgage loan originator: means an individual who:

  (a)meets the definition of mortgage loan originator and is an employee of:

  (i)a depository institution;

  (ii)a subsidiary that is wholly owned and controlled by a depository institution and regulated by a federal banking agency; or

  (iii)an institution regulated by the farm credit administration; and

  (b)is registered with and maintains a unique identifier through the NMLS. See Montana Code 32-9-103

• State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
• Unique identifier: means a number or other identifier assigned by protocols established by the NMLS. See Montana Code 32-9-103
• United States: includes the District of Columbia and the territories. See Montana Code 1-1-201