Terms Used In Montana Code > Title 2 > Chapter 18 > Part 11 - Employee Incentive Program

• Agency head: means a director, commissioner, or constitutional officer in charge of an executive, legislative, or judicial branch agency or an agency of the Montana university system. See Montana Code 2-18-1101
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Contract: A legal written agreement that becomes binding when signed.
• Corporate governance: means the structure of an institution and how it is managed, including the corporate rules, policies, processes, and practices used to oversee and manage the institution. See Montana Code 32-9-201
• 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.
• Covered institution: means a nonbank servicer:

  (a)with servicing portfolios of 2,000 or more 1- to 4-unit residential mortgage loans serviced or subserviced for others, excluding whole loans owned, and loans being interim serviced prior to sale as of the most recent calendar year end, reported in the NMLS mortgage call report; and

  (b)that operates in two or more states, districts, or territories of the United States either currently or as of the prior calendar year end. See Montana Code 32-9-201

• Deed: The legal instrument used to transfer title in real property from one person to another.
• Department: means the department of administration provided for in 2-15-1001. See Montana Code 2-18-1101
• Department: means the department of administration provided for in 2-15-1001, acting through its division of banking and financial institutions. See Montana Code 32-9-201
• Employee: means an employee of the executive, legislative, or judicial branch or the Montana university system. See Montana Code 2-18-1101
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Group or team of employees: means a group, team, or work unit of employees working cooperatively. See Montana Code 2-18-1101
• GSE: means government-sponsored enterprises, the federal national mortgage association, or the federal home loan mortgage corporation. See Montana Code 32-9-201
• Interim serviced prior to sale: means the activity of collecting a limited number of contractual mortgage payments immediately after origination on loans held for sale but prior to the loans being sold into the secondary market. See Montana Code 32-9-201
• Legislative session: That part of a chamber's daily session in which it considers legislative business (bills, resolutions, and actions related thereto).
• liquidity: means the financial resources necessary to manage liquidity risk arising from servicing functions required in acquiring and financing mortgage servicing rights, hedging costs, including margin calls, associated with the mortgage servicing rights asset and financing facilities, and advances or costs of advance financing for principal, interest, taxes, insurance, and any other servicing related advances. See Montana Code 32-9-201
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage call report: means the quarterly or annual report of residential real estate loan origination, servicing, and financial information completed by companies licensed in NMLS. See Montana Code 32-9-201
• Mortgage servicing rights: means the contractual right to service residential mortgage loans on behalf of the owner of the associated mortgage in exchange for specified compensation in accordance with the servicing contract. See Montana Code 32-9-201
• Mortgage servicing rights investor: means entities that invest in and own mortgage servicing rights and rely on subservicers to administer the loans on their behalf. See Montana Code 32-9-201
• Operating liquidity: means the funds necessary to perform normal business operations, such as payment of rent, salaries, interest expense, and other typical expenses associated with operating the entity. See Montana Code 32-9-201
• Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
• Reverse mortgage: means a loan collateralized by real estate, typically made to borrowers over 55 years of age, that does not require contractual monthly payments and is typically repaid upon the death of the borrower through the sale of the home or refinance by the heirs. See Montana Code 32-9-201
• Risk management: means the policies and procedures designed to identify, measure, monitor, and mitigate risk sufficient for the level of sophistication of the servicer. See Montana Code 32-9-201
• Servicer: means the entity performing the routine administration of residential mortgage loans on behalf of the owner or owners of the related mortgages under the terms of a servicing contract. See Montana Code 32-9-201
• 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
• Unencumbered investment grade assets held for sale or trade: means agency mortgage-backed securities, obligations of GSEs, and U. See Montana Code 32-9-201
• United States: includes the District of Columbia and the territories. See Montana Code 1-1-201