Terms Used In Tennessee Code > Title 45 > Chapter 13 > Part 3 - Mortgage Loan Originators

• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Branch office: means an office of a licensed mortgage lender or mortgage loan broker that is separate and distinct from the licensee's principal place of business. See Tennessee Code 45-13-105
• Commissioner: means the commissioner of financial institutions or the commissioner's designated representative. See Tennessee Code 45-13-105
• Community: means a city, town, or incorporated village in this state, or where not within any of the foregoing, a trade area in this state. See Tennessee Code 45-1-103
• Contract: A legal written agreement that becomes binding when signed.
• Conviction: A judgement of guilt against a criminal defendant.
• Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. ^{Source: OCC}
• Department: means the department of financial institutions. See Tennessee Code 45-1-103
• Fair Credit Reporting Act: A federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. ^{Source: OCC}
• Fraud: Intentional deception resulting in injury to another.
• Individual: means a natural person. See Tennessee Code 45-13-105
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• License: means a license issued to a mortgage lender, mortgage loan broker, mortgage loan servicer or mortgage loan originator under this chapter, as applicable. See Tennessee Code 45-13-105
• loan processor or underwriter: means an individual who performs clerical or support duties as an employee at the direction of and subject to the supervision and instruction of a person licensed or exempt from licensing under §. See Tennessee Code 45-13-105
• Loss mitigation specialist: means an individual employed by a mortgage lender or mortgage loan servicer licensed under this chapter, or by a registrant authorized to make residential mortgage loans under the Industrial Loan and Thrift Companies Act, compiled in chapter 5 of this title, whose activities are confined to the negotiation of terms of an existing residential mortgage loan owned or being serviced by that licensee or registrant for purposes of modifying the terms of the loan, such as by reducing the interest rate or extending the term of the loan, when the modification is done for purposes of avoiding or curing default. See Tennessee Code 45-13-105
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage lender: means any person who makes a residential mortgage loan or holds the person out as able to make a residential mortgage loan. See Tennessee Code 45-13-105
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Mortgage loan broker: means any person who for compensation or other gain, paid directly or indirectly, or in expectation of compensation or other gain, solicits, places, negotiates or originates a residential mortgage loan for another person or offers to solicit, place, negotiate or originate a residential mortgage loan for another person or who closes a residential mortgage loan that may be in the mortgage loan broker's own name with funds provided by another person and which loan is thereafter assigned to the person providing the funding of the loan, regardless of whether the acts are done directly or indirectly, through contact by telephone, by electronic means, by mail or in person with the borrower or borrowers or potential borrower or borrowers. See Tennessee Code 45-13-105
• Nationwide Mortgage Licensing System and Registry: means a mortgage 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 licensed mortgage loan originators. See Tennessee Code 45-13-105
• Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
• Nontraditional mortgage product: means any mortgage product other than a thirty-year fixed rate residential mortgage loan. See Tennessee Code 45-13-105
• Origination services: means the activities of a mortgage loan originator performed with regard to a residential mortgage loan. See Tennessee Code 45-13-105
• Person: means an individual, sole proprietorship, corporation, limited liability company, partnership, trust, association or any other legal entity, however organized. See Tennessee Code 45-13-105
• Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in a perceivable form. See Tennessee Code 1-3-105
• Registered mortgage loan originator: means any individual who:
  (A) Meets the definition of mortgage loan originator and is an employee of:

  (i) A depository institution. See Tennessee Code 45-13-105
• Residential mortgage loan: means any loan, including an extension of credit, primarily for personal, family or household use that is secured by a mortgage, deed of trust or other equivalent consensual security interest on a dwelling, as defined in §. See Tennessee Code 45-13-105
• State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
• Unique identifier: means a number or other identifier assigned by protocols established by the Nationwide Mortgage Licensing System and Registry. See Tennessee Code 45-13-105
• United States: includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
• written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
• Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105